An agreement should indemnify the indemnitee against any lawful claim by any other party on account of the lost instrument, and against all costs and expenses by reason of the claim. The agreement should be sufficient in amount to cover the instrument and reasonable expenses connected with a claim against the agreement. 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.
Montana Indemnity Against Loss Resulting from Lost or Mislaid Deed
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US-01865BG
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An anti-indemnity statute is a law defining how much risk can be transferred between parties in a contract and is oftentimes used in construction contracts. An anti-indemnity statute protects sub-contractors from risks they take on from a primary contractor.
(c) has the purpose of depriving the owner permanently of the use or benefit of the property. (2) A person convicted of theft of lost or mislaid property shall be fined not to exceed $500 or be imprisoned in the county jail for a period not to exceed 6 months. History: En.
In the indemnity clause, one party commits to compensate another party for any prospective loss or damage. More common is in insurance contracts, in exchange for premiums paid by the insured to the insurer, the insurer offers to compensate the insured for any potential damages or losses.
Forty-three states have some form of law which prohibits a construction contract that requires a subcontractor to indemnify another party for its negligence (but some of these states limit the application of the law, for example, only to public projects).
Montana statute prohibits indemnification (or additional insured rights) for any character of an indemnitee's own negligence.
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.
