[Franklin, Benjamin] Franklin, Benjamin. Manuscript Document, signed

Philadelphia, February 26, 1787. One-page manuscript document on bifolium, signed by Benjamin Franklin as President of the Supreme Executive Council of the Commonwealth of Pennsylvania, being an affidavit by Joseph Redman regarding the bankruptcy of Philadelphia merchant John Redman. In part, "Joseph Redman of the City of Philadelphia in the State of Pennsylvania Doctor of Physic being duly sworn upon the Holy Evangelists of Almighty God maketh oath and saith That John Redman the younger of the said City of Philadelphia merchant now is and stainseth justly and truly indebted to their Deponent in the Sum of Two Hundred Pounds and upwards And that the Contract or transaction upon which the said Debt became due to this Deponent arose subsequent to the sixteenth Day of September in the year of our Lord one thousand seven hundred and eighty five And that the said John Redman is become Bankrupt within the Act of Assembly of their State made and now in Force concerning Bankrupts passed the sixteenth Day of September in the year of our Lord one thousand seven hundred and eighty five entitled 'An Act for the Regulation of Bankruptcy' as this Deponent is informed and believes..." Signed by Joseph Redman at bottom. Creasing from when folded, separated along central horizontal fold; mounted to old sheet of paper. Docketed on verso.

A scarce legal document, boldly signed by Benjamin Franklin as President of the Supreme Executive Council of the Commonwealth of Pennsylvania (analogous to today's governor), affirming an affidavit given by physician Joseph Redman in regards to the bankruptcy of merchant John Redman. On September 16, 1785 the Pennsylvania Legislature passed, "An Act for the Regulation of Bankruptcy,". It was one of the first instances in which the term ‘bankruptcy’ was used in American law, and was based on English legal statutes. Under the law, Franklin, as President of the Supreme Executive Council, was empowered to appoint up to five men to a commission to oversee the estate of a subject claiming bankruptcy, following the petition of a creditor for claims exceeding 200 pounds (Franklin appointed a five-man commission to oversee the above case the same day he approved this affidavit).

This lot is located in Philadelphia.

[Franklin, Benjamin] Franklin, Benjamin. Manuscript Document, signed