Effective July 1, 1898 Statutes at Large 30 Stat. 544 | Public law 55-541 | |
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Other short titles National Bankruptcy Act of 1898
Nelson Act
Nelson Bankruptcy Act of 1898 Long title An Act to establish a uniform system of bankruptcy throughout the United States. Enacted by the 55th United States Congress | ||
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.
Its popular name is a homage to the role of Senator Nelson in its composition.
It was significantly amended by the Bankruptcy Act of 1938.
It was superseded by the Bankruptcy Act of 1978.
References
Bankruptcy Act of 1898 Wikipedia(Text) CC BY-SA