Louisiana Revised Statutes 22:401 – Title; purpose
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Terms Used In Louisiana Revised Statutes 22:401
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
A. This Subpart may be cited as the “Nonprofit Risk Indemnification Trust Act.”
B. The purpose of this Subpart is to authorize the establishment of trust funds for the purpose of indemnifying nonprofit beneficiary organizations and their officers, directors, and agents for financial loss due to the imposition of legal liability, and to regulate the operation of trust funds established under this Section.
Acts 1986, No. 574, §2; Redesignated from La. Rev. Stat. 22:2041 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.