Title 48 — Territories and Insular PossessionsRelease 119-73
§2150 No full faith and credit of the United States
Title 48 › Chapter CHAPTER 20— - PUERTO RICO OVERSIGHT, MANAGEMENT, AND ECONOMIC STABILITY › Subchapter SUBCHAPTER II— - RESPONSIBILITIES OF OVERSIGHT BOARD › § 2150
Summary
The United States will not pay principal or interest on bonds, notes, or other obligations issued by a covered territory or instrumentality. Any U.S. liability under this chapter needs congressional appropriations, and no federal funds may be used to pay those liabilities.
Full Legal Text
Title 48, §2150
Territories and Insular Possessions — Source: USLM XML via OLRC
(a)The full faith and credit of the United States is not pledged for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality. The United States is not responsible or liable for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality.
(b)Any claim to which the United States is determined to be liable under this chapter shall be subject to appropriations.
(c)No Federal funds shall be authorized by this chapter for the payment of any liability of the territory or territorial instrumentality.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
This chapter, referred to in subsecs. (b) and (c), was in the original “this Act”, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see
Short Title
note set out under section 2101 of this title and Tables.
Reference
Citations & Metadata
Citation
48 U.S.C. § 2150
Title 48 — Territories and Insular Possessions
Last Updated
Apr 6, 2026
Release point: 119-73