This form is a demand for indemnity from a Limited Liability Company by a member.
Missouri Demand for Indemnity from a Limited Liability Company LLC by Member
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Multi-State
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US-216LLC
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Word;
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How to fill out Demand For Indemnity From A Limited Liability Company LLC By Member?
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FAQ
Indemnity, a form of restitution, is founded on equitable principles; it is allowed where one person has discharged an obligation that another person should bear; it places the final responsibility where equity would lay the ultimate burden.
An indemnity clause may contain two distinct elements: An obligation to ?hold harmless?. The obligation to ?hold harmless? is a legal term requiring a party to compensate the indemnified party for any losses. A duty to defend.
A legal term that means one party agrees to compensate another party for loss or damage that has already occurred, or guarantees, through a contractual agreement, to repay another party for loss or damage that occurs in the future. Indemnification clauses are common in corporations and LLCs.
It is primarily intended to protect the person who is providing goods or services from being held legally liable for the consequences of actions taken or not taken in providing that service to the person who signs the form. Indemnity clauses vary widely.
?The elements of a cause of action for indemnity are (1) a showing of fault on the part of the indemnitor and (2) resulting damages to the indemnitee for which the indemnitor is contractually or equitably responsible.? Expressions, supra, 86 Cal. App.
An action for indemnification is a legal proceeding in which one party seeks to recover compensation or reimbursement from another party for losses or damages the first party has suffered.
Indemnity is a comprehensive form of insurance compensation for damage or loss. It amounts to a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.
A corporation created under the laws of this state may 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, ...