My review of past postings of articles to this and related
newsgroups/websites suggested that this is a case of Nectria
canker.
In fact, one website listed Nectria as the only common problem
encountered with the golden raintree. Alas, most references to
this
fungus indicate that it is an almost incurable condition.

There is no cure, other than amputation of the infected area and
off-site destruction of the diseased stem. Nectria canker
usually occurs where a tree has been wounded. The tree is likely
to try to wall away the diseased area, causing a swelling in the
branch or trunk. The canker itself isn't likely to be fatal to
an otherwise healthy tree, but it can lead to attacks by borers,
which are attracted to diseased and weakened trees.

I suppose you could consider topping the tree a couple of inches
below the damaged are and starting over again. Sterilize all
tools.

Jim Lewis - - Tallahassee, FL - Our life is
frittered away by detail . . . . Simplify! Simplify. -- Henry
David Thoreau - Walden

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