Bankruptcy Act of 1898
|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|
|Public law||Pub.L. 55–541|
|Statutes at Large||30 Stat. 544|
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 to give 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 Knute Nelson in its composition.
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