The Bankruptcy Act of 1898 ("Nelson Act", July 1, 1898, ch. 541, ) was the first United States Act of Congress involving bankruptcy to give companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws had lasted, at most, a few years.See Debt's Dominion: A History of Bankruptcy Law in America, David A. Skeel, Jr., Princeton University Press 2001 (sample online at ).
Its popular name is a homage to the role of Senator Knute Nelson in its composition.
It was significantly amended by the Bankruptcy Act of 1938 and was superseded by the Bankruptcy Act of 1978.
See also Bankruptcy Act History of bankruptcy law in the United States
References
External links