The Bankruptcy Act
of 1898 was the first significant piece of
Similarly, the Bankruptcy Acts
of 1841 and 1867 gave federal courts jurisdiction over "all matters and proceedings in bankruptcy" and authorized federal courts to appoint bankruptcy commissioners to exercise that jurisdiction.
22) See Bankruptcy Act
of 1898 [section]67d ("Liens given or accepted in good faith.
The wording of the clause, as it was in the Corporations Law, was similar to that contained in the Bankruptcy Act
1966 as amended in 1980.
Near the turn of the twentieth century, the United States passed its first permanent bankruptcy act
against the backdrop of the rising tide of commercial interest in the American economy and politics.
This concept is not new, however, as cases as far back as 1849 recognize pro rata distribution of the debtor's property to be the main purpose of the Bankruptcy Act
The Great Depression in the 1930s revealed several problems with the 1898 Bankruptcy Act
Thus far, bankruptcy acts
granted or withheld the discharge.
In contrast, the 1898 Bankruptcy Act
, although amended many times, remained in effect until it was replaced by the Bankruptcy Reform Act of 1978.
212) This idea was a theory that Congress tried in previous bankruptcy acts
to achieve constitutionality by claiming that bankruptcy courts were merely acting on behalf of, and part of, Article III district courts.
Skeel divides the history of bankruptcy law in America into three historical stages: the nineteenth century, the era of the 1898 Bankruptcy Act
and the Great Depression, and the modern era of the 1978 Bankruptcy Code.
67) Thus, Congress enacted the Bankruptcy Act