This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Delaware Deed of Trust Securing Obligations Pursuant to Indemnification Agreement
State:
Multi-State
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Control #:
US-01776BG
Format:
Word;
Rich Text
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FAQ
Primary tabs. To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
If the Company becomes obliged to meet Trust liabilities, the trustee has a right to be indemnified from Trust assets. If it is probable that there will be a deficiency in Trust assets, a liability is recognised by the Company to the extent of that deficiency.
An indemnification clause is your promise to cover the losses of the other party, usually your client's, if you cause them harm or cause a third party to sue them.
Indemnity/indemnification: A trustee is entitled to reasonable compensation for her services. The amount payable can either come from the trust agreement itself or be fixed by the court (taking into account the trustee's skill level and actual duties performed) or state statute.
? The duty to indemnify arises only once loss, damage, or liability has been incurred. ? The duty to defend, by contrast, arises when a claim has been made that could potentially result in loss, damage, or liability.
(a) A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the ...
The obligation to indemnify requires the indemnifying party to: Reimburse the indemnified party for its paid costs and expenses, referred to as losses. Advance payment to the indemnified party for its unpaid costs and expenses, such as: Liabilities.
Indemnification is literally just the beneficiary's agreeing to pay for some expense if something crops up in the future. That's something you might be willing to sign. You definitely should have it reviewed by a trust and estate lawyer before you sign anything that a trustee presents to you.