Bankruptcy Act of 1898
Encyclopedia
The Bankruptcy Act of 1898 ("Nelson Act", July 1, 1898, ch. 541) 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It was superseded by the Bankruptcy Act of 1978
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Act of Congress
Act of Congress
An Act of Congress is a statute enacted by government with a legislature named "Congress," such as the United States Congress or the Congress of the Philippines....
involving Bankruptcy
Bankruptcy in the United States
Bankruptcy in the United States is governed under the United States Constitution which authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States." Congress has exercised this authority several times since 1801, most recently by adopting the Bankruptcy...
that gave companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws
Bankruptcy in the United States
Bankruptcy in the United States is governed under the United States Constitution which authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States." Congress has exercised this authority several times since 1801, most recently by adopting the Bankruptcy...
had lasted at most a few years.
Its popular name is a homage to the role of Senator Nelson
Knute Nelson
Knute Nelson was an Norwegian American politician. A Republican, he served in the Wisconsin Legislature and Minnesota Legislature, in the U.S. House of Representatives, as the 12th Governor of Minnesota, and as a U.S...
in its composition.
It was significantly amended by the Bankruptcy Act of 1938
Bankruptcy Act of 1938
The United States Bankruptcy Act of 1938, known as the Chandler Act, expanded voluntary access to the bankruptcy system and made voluntary petitions more attractive to debtors. The Chandler Act gave authority to the Securities and Exchange Commission in the administration of bankruptcy filings...
.
It was superseded by the Bankruptcy Act of 1978
Bankruptcy Act of 1978
The Bankruptcy Reform Act of 1978 is a United States Act of Congress regulating Bankruptcy.The current Bankruptcy Code was enacted in 1978 by § 101 of the Act which generally became effective on October 1, 1979. The current Code completely replaced the former Bankruptcy Act of 1898, sometimes...
.