Florida Statutes 607.0852 – Mandatory indemnification
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 607.0852
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Expenses: means reasonable expenses of any kind that are incurred in connection with a matter. See Florida Statutes 607.01401
- Individual: includes the estate of an incompetent or deceased individual. See Florida Statutes 607.01401
- Proceeding: includes a civil suit, a criminal action, an administrative action, and an investigatory action. See Florida Statutes 607.01401
A corporation must indemnify an individual who is or was a director or officer who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the individual was a party because he or she is or was a director or officer of the corporation against expenses incurred by the individual in connection with the proceeding.