The Statute of 13 Elizabeth originally appeared merely to prohibit a debtor from fraudulently conveying assets in order to defeat creditors, but it served as the fountainhead of many important principles in American commercial law. Chapter 1 shows how this law came to be applied to negotiations among creditors and their common debtor. This chapter explores how it operated in the wake of the financial failure of Robert Morris at the end of the eighteenth century. Robert Morris had been one of the richest and most prominent men in the country, but he failed spectacularly and pulled many other once successful merchants down with him. This financial catastrophe drew parties to the courthouse, where the judges began with first principles.