Bankruptcy Act of 1898

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The Bankruptcy Act of 1898 ("Nelson Act", July 1, 1898, ch. 541, 30 Stat. 544) was the first United States Act of Congress involving Bankruptcy that gave companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws had lasted at most a few years[1].

Its popular name is a homage to the role of Senator Nelson in its composition.

It was superseded by the Bankruptcy Act of 1978.

[edit] Notes

  1. ^ See Debt's Dominion: A History of Bankruptcy Law in America, David A. Skeel, Jr., Princeton University Press 2001 (sample online at [1]).
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