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According to Mr. Neugebauer, the Housing and Economic Recovery Act of 2008, which created the new federal overseer of Fannie and Freddie Mac, allowed for the indemnification contracts to be voided.
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Timothy J. Mayopolous, general counsel for Fannie Mae, testified that the board had undertaken a review of the indemnification policies at that time.
And the indemnification provisions for the providers of information and for the government are nearly airtight.
In bankruptcy, the Bear directors would have had to rely on Bear itself for this indemnification and the bankruptcy trustee might not be so forthcoming.
For example, some federal decisions have found private indemnification agreements to be preempted by the federal securities laws, even though the state legislation only authorized (and did not mandate) the indemnification provision.
1. Eliminate the indemnification clause.
Simple enough, what does the indemnification go to?
Paonessa brought a cross action against the Commonwealth for indemnification in the event it should be held liable to Chase.
Law No. 129/99 of 20 August 1999 approving the system applicable to advance payment by the State for indemnification due to the victims of marital violence.
Amount of the escrow holdback for indemnification claims by the buyer and the period of the escrow/holdback (the typical ideal scenario for a seller is 5-105-10%the purchase price for 9 to 12 months).
If a catastrophic event occurs, these owners will be looking to past and present board directors who made these decisions, and the association, for indemnification and reimbursement for damages.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com