{{Short description|American federal law addressing bankruptcy protection}} {{For|an act for the relief and civilization of the Chippewa Indians in the State of Minnesota|Nelson Act of 1889}}
{{Infobox U.S. legislation | othershorttitles = {{unbulleted list|National Bankruptcy Act of 1898|Nelson Act|Nelson Bankruptcy Act of 1898}} | longtitle = An Act to establish a uniform system of bankruptcy throughout the United States. | colloquialacronym = | nickname = | enacted by = 55th | effective date = July 1, 1898 | public law url = | cite public law = {{USPL|55|541}} | cite statutes at large = {{usstat|30|544}} | acts amended = | acts repealed = | title amended = <!--US code titles changed--> | sections created = <!--{{USC}} can be used--> | sections amended = | leghisturl = | introducedin = Senate | introducedbill = {{USbill|55|S.|1035}} | introducedby = Knute Nelson (R-MN) | introduceddate = | committees = | passedbody1 = House | passeddate1 = February 19, 1898 | passedvote1 = [http://www.govtrack.us/congress/votes/55-2/h64 158-125] | passedbody2 = | passedas2 = <!-- used if the second body changes the name of the legislation --> | passeddate2 = | passedvote2 = | conferencedate = June 24, 1898 | passedbody3 = Senate | passeddate3 = June 24, 1898 | passedvote3 = [http://www.govtrack.us/congress/votes/55-2/s317 43-13] | agreedbody3 = <!-- used when the other body agrees without going into committee --> | agreeddate3 = <!-- used when the other body agrees without going into committee --> | agreedvote3 = <!-- used when the other body agrees without going into committee --> | agreedbody4 = <!-- used if agreedbody3 further amends legislation --> | agreeddate4 = <!-- used if agreedbody3 further amends legislation --> | agreedvote4 = <!-- used if agreedbody3 further amends legislation --> | passedbody4 = House | passeddate4 = June 28, 1898 | passedvote4 = [http://www.govtrack.us/congress/votes/55-2/h138 134-53] | signedpresident = William McKinley | signeddate = July 1, 1898 | unsignedpresident = <!-- used when passed without presidential signing --> | unsigneddate = <!-- used when passed without presidential signing --> | vetoedpresident = <!-- used when passed by overriding presidential veto --> | vetoeddate = <!-- used when passed by overriding presidential veto --> | overriddenbody1 = <!-- used when passed by overriding presidential veto --> | overriddendate1 = <!-- used when passed by overriding presidential veto --> | overriddenvote1 = <!-- used when passed by overriding presidential veto --> | overriddenbody2 = <!-- used when passed by overriding presidential veto --> | overriddendate2 = <!-- used when passed by overriding presidential veto --> | overriddenvote2 = <!-- used when passed by overriding presidential veto --> | amendments = | SCOTUS cases = }}
The '''Bankruptcy Act of 1898''' ("'''Nelson Act'''", July 1, 1898, ch. 541, {{USStat|30|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.<ref>See Debt's Dominion: A History of Bankruptcy Law in America, David A. Skeel, Jr., Princeton University Press 2001 (sample online at [http://www.pupress.princeton.edu/chapters/s7159.html] {{Webarchive|url=https://web.archive.org/web/20060618001306/http://www.pupress.princeton.edu/chapters/s7159.html |date=2006-06-18 }}).</ref>
Its popular name is a homage to the role of Senator Knute Nelson in its composition.
It was significantly amended by the Bankruptcy Act of 1938 and was superseded by the Bankruptcy Act of 1978.
==See also== * Bankruptcy Act * History of bankruptcy law in the United States
==References== {{reflist}}
==External links== *{{Google books|65U9AAAAIAAJ|The National Bankruptcy Act of 1898|page=PR1}}
{{DEFAULTSORT:Bankruptcy Act Of 1898}} Category:United States bankruptcy legislation Category:1898 in American law Category:Repealed United States legislation Category:History of bankruptcy law
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