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.
|Other short titles||
|Long title||An Act to establish a uniform system of bankruptcy throughout the United States.|
|Enacted by||the 55th United States Congress|
|Effective||July 1, 1898|
|Statutes at Large||30 Stat. 544|
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It was superseded by the Bankruptcy Act of 1978.
- See Debt's Dominion: A History of Bankruptcy Law in America, David A. Skeel, Jr., Princeton University Press 2001 (sample online at ).