Bankruptcy Act of 1800
The Bankruptcy Act of 1800 was the United States' first bankruptcy law passed by the United States Congress. The act was passed in response to a decade of periodic financial crises and commercial failures. It was modeled after English practice.[1] Only merchants, bankers, and brokers could petition a creditor. The bankrupt estate was placed under the control of an assignee chosen by the creditors. The law was meant as a temporary measure with a five-year sunset clause. Congress repealed the law in 1803.[2]
See also
History of bankruptcy law in the United States
References
- ^ Tabb, Charles Jordan (1995). The History of the Bankruptcy Laws in the United States. ABI Law Review, Vol. 3:5. Pg. 14-15. Accessed December 27, 2017.
- ^ "The Evolution of U.S. Bankruptcy Law: a timeline" (PDF). Federal Judicial Center. Retrieved December 27, 2017.
External links
- Original text of the bill from the Library of Congress.
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