Bankruptcy Act of 1800

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

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 Congress repealed the law in 1803.[2]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[edit]

History of bankruptcy law in the United States

References[edit]

  1. ^ 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.
  2. ^ "The Evolution of U.S. Bankruptcy Law: a timeline" (PDF). Federal Judicial Center. Retrieved December 27, 2017.

External links[edit]