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.
Illinois Deed of Trust Securing Obligations Pursuant to Indemnification Agreement
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Multi-State
Control #:
US-01776BG
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Word;
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How to fill out Deed Of Trust Securing Obligations Pursuant To Indemnification Agreement?
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FAQ
The main difference in this case is that ?hold harmless? may require a party to protect against actual losses as well as potential losses while indemnification protects against actual losses only. Certain states, including Ohio, Colorado, Louisiana and Delaware, hold that ?indemnify? and ?hold harmless? are synonymous.
The obligation to indemnify arises once a judgment has been entered, whereas the obligation to defend is triggered as soon as a claim is filed against the indemnitee. Most states consider the duty to indemnify and to defend to be distinct obligations.
In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party.
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.
Real property held in trust for a beneficiary requires a declaration of trust to appoint trustees and state terms of transfer and proceeds. Indemnity agreements?also referred to as hold harmless agreements?remove single-party liability.
Implied Indemnity: A plaintiff subject to derivative or imputed liability pursuing an implied indemnity action must show that: (1) it discharged a legal obligation owed to a third party; (2) for which the indemnity defendant was also liable; and (3) as between the two, the obligation should have been discharged by the ...
The seller agrees to indemnify and hold harmless the buyer, its affiliates, and their respective officers, directors, employees, agents, successors, and assigns (collectively, the ?Indemnified Parties?) from and against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, ...