The Law and Practice in Bankruptcy under the National Bankruptcy Act of 1898

Secret Liens and the Chandler Act

“…x have repeatedly frustrated what authorities believe was Congressional intent. 3 The extraordinary role which bankruptcy plays in a competitive structure built around traditional property rights makes the divergence of view understandable. In the interest of equal distribution of the assets of the bankrupt, legislative regulation halts the race of the diligent to secure priority through common law title concepts.…”