Connecticut General Statutes 10-96c – Indemnification of persons making gifts to Technical Education and Career System
The executive director of the Technical Education and Career System may indemnify and hold harmless any person, as defined in section 1-79, who makes a gift of tangible property or properties with a fair market value in excess of one thousand dollars to the Technical Education and Career System for instructional purposes. Any indemnification under this section shall be solely for any damages caused as a result of the use of such tangible property, provided there shall be no indemnification for any liability resulting from (1) intentional or wilful misconduct by the person providing such tangible property to the department or the Technical Education and Career System, or (2) hidden defects in such tangible property that are known to and not disclosed by the person providing such tangible property to the department or the Technical Education and Career System at the time the gift is made.
Terms Used In Connecticut General Statutes 10-96c
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC