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.

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.

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Indemnification Agreement for a Trust

Queens New York Indemnification Agreement for a Trust

Name: Queens New York Indemnification Agreement for a Trust
Brand: US Legal Forms
Rating: 4.61 (479 reviews)

Category:

Trusts - Indemnification

State:

Multi-State

County:

Queens

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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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.

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.

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.

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.

Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.

Trustees must follow the terms of the trust and are accountable to the beneficiaries for their actions. They may be held personally liable if they: Are found to be self-dealing, or using trust assets for their own benefit. Cause damage to a third party to the same extent as if the property was their own.

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

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.

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Payable and trade debt of the Borrower and complete its capital program. Do you trust your government, see who attends the WEF gathering?New Zealand. Parliament. , be indemnified against the costs .

Queens New York Indemnification Agreement for a Trust

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FAQ

What is an indemnification trust?

What is the purpose of an indemnification agreement?

Can a beneficiary indemnify a trustee?

What is the trustee's right to indemnity?

Is an indemnity legally binding?

Are indemnification agreements enforceable?

Can a trustee be held personally liable?

What does indemnity mean in simple terms?

Can you indemnify a trustee?

Can a trust indemnify a trustee?

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