Michigan Laws 500.5242c – Indemnification or advancement of expenses not exclusive of other rights; indemnification inuring to benefit of heirs, executors, and administrators
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(1) The indemnification or advancement of expenses provided under section 5241 to 5242b is not exclusive of other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation, bylaws, or a contractual agreement. However, the total amount of expenses advanced or indemnified from all sources combined shall not exceed the amount of actual expenses incurred by the person seeking indemnification or advancement of expenses.
(2) The indemnification provided for in section 5241 to 5242b continues as to a person who ceases to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of the person.
Terms Used In Michigan Laws 500.5242c
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- 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
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l