Article by Rae M. Crowe
In the wake of the disastrous fire occurring on board the steamer Lexington on Long Island Sound in 1840—resulting in the loss of $ 18,000 in gold, silver, and coin—and the resulting judgment against the carrier, Congress enacted the first American Limitation Act in 1851. Its stated purpose was to place the United States merchant marine on an equal footing with the shipowners of England and other maritime nations which had previously adopted various versions of limited liability.
About the Author
Rae M. Crowe. LL.B., University of Alabama, 1954. Member of the Bar, Mobile, Alabama.
Citation
53 Tul. L. Rev. 1087 (1979)