Anthony,
ok, had a few minu
Anthony,
ok, had a few minutes to inspect this 77 left my camera at home).
Yes this 'check valve' is attached to a short lenght of hose to the filler neck with nothing on the exit side of the valve. I have never had to replace one of these so I don't have any personal knowledge of them going bad or what they do. However from the look of the attachment and configuration it looks to be a pressure vent. It appears this valve would vent pressure (fumes) in the event of an excessive pressure build-up in the tanks. I seriously doubt it is for venting liquid, however I suppose "IF" the fluid did get that high it would also vent the liquid. It would then vent the liquid onto the top/side of the gas tank and on the inner fender, letting the raw fuel run down onto the frame. However, it's unlikely it could run all the way back to the rear of the car, while possible, seems very unlikely, but, if enough fluid got onto a tire, it perhaps could have thrown the fluid rearward and out the back as you described.
HTH's
JRV.
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