Bankruptcy Act of 1898
The Bankruptcy Act of 1898 ("Nelson Act", July 1, 1898, ch. 541, ) 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. It was significantly amended by the Bankruptcy Act of 1938 and was superseded by the Bankruptcy Act of 1978.