Bankruptcy Act of 1898
E354497
The Bankruptcy Act of 1898 was the first lasting federal bankruptcy law in the United States, establishing a comprehensive system for handling insolvency that governed American bankruptcy practice for most of the 20th century.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Bankruptcy Act of 1898 canonical | 3 |
| Nelson Bankruptcy Act | 1 |
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
bankruptcy law ⓘ |
| alsoKnownAs |
Bankruptcy Act of 1898
ⓘ
surface form:
Nelson Bankruptcy Act
|
| amendedBy | Chandler Act of 1938 ⓘ |
| appliedLawType | federal bankruptcy jurisdiction ⓘ |
| appliesTo |
corporate debtors
ⓘ
individual debtors ⓘ railroad corporations ⓘ |
| chamberOfOrigin | United States Senate ⓘ |
| characteristic |
allowed discharge of debts for honest but unfortunate debtors
ⓘ
first lasting federal bankruptcy law in the United States ⓘ provided for involuntary bankruptcy ⓘ provided for voluntary bankruptcy ⓘ |
| codifiedIn |
Title 11 of the United States Code
ⓘ
surface form:
Title 11 of the United States Code (historical)
|
| containsProvisionOn |
appointment of bankruptcy trustees
ⓘ
discharge of debts ⓘ liquidation of assets ⓘ priority of creditor claims ⓘ reorganization of railroads ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| created | system of federal bankruptcy courts ⓘ |
| dateEnacted | 1898-07-01 ⓘ |
| effect |
established uniform national bankruptcy system
ⓘ
limited state control over bankruptcy ⓘ |
| enactedBy | United States Congress ⓘ |
| followedBy | Bankruptcy Reform Act of 1978 ⓘ |
| goal |
equitable distribution to creditors
ⓘ
fresh start for debtors ⓘ orderly administration of insolvent estates ⓘ |
| governed | United States bankruptcy practice in the 20th century ⓘ |
| historicalSignificance | foundation of modern U.S. bankruptcy law ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
federal government of the United States
|
| legalArea |
commercial law
ⓘ
debtor–creditor law ⓘ |
| namedAfter | Knute Nelson ⓘ |
| precededBy | Bankruptcy Act of 1867 ⓘ |
| provided | composition and extension procedures for debt adjustment ⓘ |
| publicLawNumber | 30 Stat. 544 ⓘ |
| repealedBy | Bankruptcy Reform Act of 1978 ⓘ |
| repealedOn | 1979-10-01 ⓘ |
| shortName | Nelson Act ⓘ |
| signedBy | William McKinley ⓘ |
| sponsorInSenate | Knute Nelson ⓘ |
| subjectMatter |
bankruptcy
ⓘ
insolvency ⓘ |
| timeInForce | 1898–1979 ⓘ |
| tookEffectOn | 1898-07-01 ⓘ |
Referenced by (4)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Nelson Bankruptcy Act