Piercing the veil of the limited liability company, from sure bet to long shot
Article Abstract:
The US Court of Appeals for the Eighth Circuit misapplied Minnesota law in Gallinger v. North Star Hospital Mutual Assurance in refusing to hold members of a limited liability company (LLC) personally liable. The state LLC statute states that the piercing the corporate veil doctrine should be applied to LLCs in the same manner that it is applied to corporations. The facts presented to the Court would have warranted application of the doctrine if a corporation was involved. Until such laws are revised, LLCs will appear to offer greater limitation of liability than corporations.
Publication Name: The Journal of Corporation Law
Subject: Law
ISSN: 0360-795X
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Strict liability for insurers refusing settlements within policy limits: let's quit talking about it and just do it
Article Abstract:
Insurers refusal of settlements within policy limits is best resolved by a strict liability system. In these circumstances, conflicts of interest may arise between insurer and insured that are not well resolved by any of the systems currently employed by the courts. The general benefits of strict liability coverage including lower litigation costs and spreading of risk may be shown to apply in this context. A system of strict liability should be implemented by state legislators as well as the courts.
Publication Name: The Journal of Corporation Law
Subject: Law
ISSN: 0360-795X
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
The duty of disclosure in insurance law - the effectiveness of self-regulation
Article Abstract:
The perceived failure of some Australian Insurance Contracts Act 1984 reforms has led to an interest in insurance industry self-regulation. The British system is different from Australia's but the British experience with self-regulation should provide some insight into self-regulation's effectiveness. The perceived advantages of self-regulation are increased compliance, better enforcement and clearer rules. However, the British system does not appear to be meeting these expectations.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Continuing protection: converting a limited liability structure raises key insurance issues
- Abstracts: Criminal liability for health and safety: executives at risk. The liability of supervisory management employees for discrimination
- Abstracts: Antifraternizing policies and at-will employment: counseling for a better relationship. Termination of employees immediately rehired by buyer in asset sale transactions not subject to WARN Act
- Abstracts: Protecting thoughts and communications from invasive discovery: the attorney-client and work-product privileges. part 2
- Abstracts: Hitting the jackpot; after winning the big fee, what next? The pleasures of law practice; from happy clients ... to getting it right ... to winning the big case