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11 J. Corp. L. 573 (1985-1986)
Limited Liability and Corporate Groups

handle is hein.journals/jcorl11 and id is 583 raw text is: LIMITED LIABILITY AND CORPORATE GROUPS* Phillip I. Blumberg** 1. INTRODUCTION .............................................. 574 II. HISTORY OF LIMITED LIumirry ............................... 577 A. The Emergence of Limited Liability in English Law (1855). 578 1. Early Development ................................. 578 2. The Predominance of Joint Stock Companies ......... 581 3. The Continuing Political Struggle over Limited Liability ........................................... 583 4. Sum m ary .......................................... 585 B. The Emergence of Limited Liability in American Law (1830) ................................................. 587 1. Direct Shareholder Liability ......................... 588 2. Indirect Shareholder Liability ........................ 589 3. The Growth of Manufacturing Corporations .......... 590 4. The Shift to Limited Liability ....................... 591 a. Judicial Development ..........................591 b. Legislative Development ......................... 592 5. The Significance of Competing Legal Rules on Economic Development ....................................... 594 6. Sum m ary .......................................... 595 C. The Emergence of Limited Liability in the Civil Law (1808) ................................................. 595 D. Later Survivals of Shareholder Liability .................. 596 1. Pro Rata Shareholder Liability in California (1849- 1931) .............................................. 597 2. Double or Triple Liability for Shareholders Generally.. 599 3. Double Liability for Shareholders of Banks ........... 600 4. Shareholder Liability for Wage Claims ............... 601 5. Sum m ary .......................................... 603 E. Procedures for Enforcing Shareholder Liability ............ 603 * Copyright The Blumberg Trust, 1986. All rights reserved. The substance of this Article will form part of P. BLUMBERG, THE LAW OF CORPORATE GROUPS: ToRT, CONTRACT AND OTHER COMMON LAW PROBLEMS IN THE SUBSTANTIVE LAW OF PARENT AND SUBSIDIARY CORPORATIONS (January 1987), which is the third volume of the series on the Law of Corporate Groups (Little, Brown & Co.). 0* Professor of Law and Business and Former Dean, University of Connecticut School of Law.