Indiana Code 28-9-5-2. Indemnification of depository financial institution by adverse claimant
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Sec. 2. If a depository financial institution:
(2) is held liable to a depositor or another person by reason of the failure of the depository financial institution to treat a deposit account in accordance with an agreement made between the depository financial institution and a depositor;
(1) has responded in good faith to an adverse claimant under this article; and
Terms Used In Indiana Code 28-9-5-2
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
the depository financial institution is entitled to indemnification from the adverse claimant for the full amount of damages incurred by the depository financial institution, including attorney‘s fees.
As added by P.L.258-1989, SEC.2.