Vermont Statutes Title 27 Sec. 1618
Terms Used In Vermont Statutes Title 27 Sec. 1618
- Administrator: means the Vermont State Treasurer. See
- Confidential information: means records, reports, and information that are confidential under section 1612 of this title. See
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
§ 1618. Indemnification for breach
(a) If a claim is made or action commenced arising out of an event described in subsection 1617(a) of this title relating to confidential information possessed by the Administrator‘s agent, the Administrator’s agent shall indemnify, defend, and hold harmless a holder and the holder’s affiliates, officers, directors, employees, and agents as to:
(1) any claim or action; and
(2) a liability, obligation, loss, damage, cost, fee, penalty, fine, settlement, charge, or other expense, including reasonable attorney’s fees and costs, established by the claim or action.
(b) The Administrator shall require an Administrator’s agent that will receive confidential information required under this chapter to maintain adequate insurance for indemnification obligations of the Administrator’s agent under subsection (a) of this section. The agent required to maintain the insurance shall provide evidence of the insurance to:
(1) the Administrator not less frequently than annually; and
(2) the holder on commencement of an examination and annually thereafter until all confidential information is returned or destroyed under subsection 1406(e) of this title. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)