By M. Jonathan Hayes
Issue: 1) Does a state have “authority to pass a bankrupt law, or [is] the power exclusively vested in the congress of the United States”? 2) Is the Insolvency Law of New York in this case unconstitutional?
Holding: 1) Yes, at least as long as there is no national bankruptcy law, 2) Yes, to the extent that it grants a discharge of the debtor’s debts.
Chief Justice John Marshall
New York passed a law in 1811, at a time when there was no national bankruptcy law in effect, which provided that upon turning . . .
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