Gulf War Veterans' Iraqi Claims Protection Act of 1998

Gulf War Veterans' Iraqi Claims Protection Act of 1998 - Authorizes the Foreign Claims Settlement Commission of the United States (U.S. Commission) to receive and determine the validity of claims by U.S. nationals against the Government of Iraq, giving first priority to non-commercial claims of members of the U.S. armed forces and other individuals arising out of Iraq's invasion and occupation of Kuwait, or out of the 1987 attack on the USS Stark.

Authorizes the Secretary of the Treasury to establish in the Treasury an Iraq Claims Fund for the payment of such claims. Authorizes the President, subject to specified limitations, to vest and liquidate Iraqi Government assets in the United States that have been blocked pursuant to the International Emergency Economic Powers Act, and allocate the proceeds to the Fund to satisfy claims against the Government of Iraq by U.S. nationals, as well as claims of the U.S. Government that are outside the jurisdiction of the United Nations Compensation Commission. Provides for the reimbursement to the U.S. Government of expenses incurred in administering this Act. Establishes an order of priority for payment of claims.

Directs the U.S. Commission to certify to the Secretary each award made under this Act. Sets forth a ten-year statute of limitations on any demand or claim for the payment of such an award.