Indemnitors covenant and agree to defend, indemnify and hold harmless, absolutely and unconditionally, the indemnitee from and against any and all damages, losses, claims, demands, actions, causes of actions, costs, expenses, liabilities and obligations of any kind whatsoever, including, but not limited to, attorney's fees in a certain matter.
Wyoming Indemnification Agreement for a Trust
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How to fill out Indemnification Agreement For A Trust?
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FAQ
California courts have held that indemnify and hold harmless confer distinct rights: (1) Indemnify is an offensive right, allowing the indemnified party to seek indemnification from the indemnifying party; (2) Hold harmless is a defensive right, protecting the indemnified party from being bothered by the other
A trust is not a legal entity in its own right and cannot own property or enter into contracts.
A trust has no legal identity, which means it cannot enter into contracts in its own name.
Most states hold that indemnity provisions are enforceable as written. These clauses will likely be construed in accordance with the rules of construction that apply to contracts generally. However, the freedom to contract will be limited by Courts who will disallow contracts in contravention of public policy.
Except for claims made before such expiration date and those based on fraud, all rights to claim indemnification under this Article IX shall expire upon the first anniversary of the Closing Date. Expiration of Indemnification Obligations.
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.
Tips for Enforcing Indemnification ProvisionsIdentify Time Periods for Asserting Indemnification Rights.Provide Notice in a Timely Fashion.Notify All Concerned Parties.Understand Limitations on Recovery.Exclusive Remedy.Scope of Damages.Claims Process/Dispute Resolution.
Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.
A trustee may ask a beneficiary to sign a piece of paper indemnifying the trustee prior to making a distribution of trust assets. First, let's talk about what indemnification means? Indemnification is a legal term. It literally means that one person is going to pay for any loss or harm suffered by another person.
Trusts enter into agreement via the trustee. However, a trustee may only enter into an agreement on behalf of a trust if the trustee has the power to do so under the trust deed. When entering into an agreement, it is important to ensure that a trustee has the power to enter into an agreement and thereby bind the trust.
