Bankruptcy Act of 1898
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Bankruptcy Act of 1898
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 significantly amended by the Bankruptcy Act of 1938.
It was superseded by the Bankruptcy Act of 1978.
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