Walkovszky v. Carlton

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High Quality Content by WIKIPEDIA articles! Walkovszky v. Carlton, 223 N.E.2d 6 (NY 1966), is a leading decision on the conditions under which Courts may pierce the corporate veil. A cab company had shielded themselves from liability by incorporating each cab as its own corporation. The New York Court of Appeals refused to pierce the veil on account of undercapitalization alone.Carlton owned and ran a cab company in which he set up ten separate corporations, each holding the minimum amount of liability insurance of $10,000, in which he was the primary stockholder. Though the companies were separate legal entities, they were run by Carlton in unison. Each corporation owned one or two cabs. When one of his cabs negligently injured a pedestrian, Walkovszky, they could only sue one of the subsidiary companies that contained a very limited amount of assets.