New Mexico Statutes 53-19-18. Indemnification of members and managers
Current as of: 2024 | Check for updates
|
Other versions
The articles of organization or an operating agreement may provide for indemnification of a member or manager for judgments, settlements, penalties, fines or expenses incurred in a proceeding to which a person is a party because he is or was a member or manager and for advancement of expenses, including costs of defense, prior to final disposition of such proceeding.
Terms Used In New Mexico Statutes 53-19-18
- 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