What is the trustee's right to indemnity?

Indemnity/indemnification: A legal exemption from penalties or liabilities incurred by one's actions. A trustee is entitled to reasonable compensation for her services.

What is the purpose of an indemnification agreement?

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

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Indemnification Agreement for a Trust

Pima Arizona Indemnification Agreement for a Trust

Name: Pima Arizona Indemnification Agreement for a Trust
Brand: US Legal Forms
Rating: 4.61 (479 reviews)

Category:

Trusts - Indemnification

State:

Multi-State

County:

Pima

Control #:

US-0777-WG

Format:

Instant download

Description

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.

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FAQ

The sole purpose of the Trust is to provide assurance to the Beneficiaries of the availability of amounts to which the Beneficiaries would be entitled according to the Grantor's Indemnification Obligations to the Beneficiaries.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities.

It's a legally binding promise to protect another person against loss from an event or series of events: they are indemnified and protected from liability. Sometimes, indemnities are implied into the terms of contracts automatically, due to the nature of the legal relationship between the two parties.

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.

Indemnification is an agreement where your insurer helps cover loss, damage or liability incurred from a covered event. Indemnity is another way of saying your insurer pays for a loss, so you don't have financial damages.

An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c

Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.

Section 62 of the Trustee Act 1925 Where a trustee commits a breach of trust at the request in writing of the beneficiary the court has discretion to use the beneficiary's interest in the trust to indemnify the trustee who has committed a breach.

Indemnity/indemnification: A legal exemption from penalties or liabilities incurred by one's actions. A trustee is entitled to reasonable compensation for her services.

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

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Pima Arizona Indemnification Agreement for a Trust

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