limited liability
Definitions from Case Law · United States Supreme Court
Definitions from Case Law
From 321 U.S. 349 - Anderson v. Abbott · 1944Most cited · 525 citing opinions
Normally the corporation is an insulator from liability on claims of creditors. The fact that incorporation was desired in order to obtain limited liability does not defeat that purpose. Limited liability is the rule not the exception; and on that assumption large undertakings are rested, vast enterprises are launched, and huge sums of capital attracted.
How often courts cite the cases defining “limited liability”
Court decisions citing the 2 opinions that defined “limited liability” — 674 in all, by decade. Counts are citations to the defining cases as a whole, not verified uses of the term. The dip in the most recent years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the latest years.
All 2 definitions, chronological · 1914–1944
- ORIGINAL
A law that limits a right in one case may limit a remedy in another. This statute well might be held to announce a general policy, governing both obligations that arise within the jurisdiction and suits that are brought in the courts of the United States. ... 'The rule of limited responsibility is now our maritime rule. It is the rule by which, through the act of Congress, we have announced that we propose to administer justice in maritime cases.
remedy not right