limited liability acts

limited liability acts
Statutes which restrict liability to a less amount than the common law would allow. Federal statutes limiting the liability of a shipowner for loss, damage, or injury, enacted for the purpose of encouraging the investment of capital in the building and navigation of ships, by enabling the owners of American ships to compete upon equal terms of liability with foreign shipowners. 48 Am J1st Ship § 567.

Ballentine's law dictionary. . 1998.

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