Bankruptcy Act of 1800

The United States Congress passed the United States' first bankruptcy law in 1800. This followed a decade of periodic financial crises and commercial failures. It was modeled after English practice. Only merchants, bankers, and brokers could petition a creditor. The bankrupt estate was placed under the control of an assignee chosen by the creditors. Congress later repealed the law in 1803. [1]

References

  1. ↑ "History of the Federal Judiciary". fjc.gov.
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