N.Y. Public Authorities Law 1021-O – Limitation of liability; indemnification
§ 1021-o. Limitation of liability; indemnification. 1. The directors, officers and employees of the authority, while acting within the scope of their authority as directors, officers or employees, shall not be subject to any personal or civil liability resulting from the exercise, carrying out or advocacy of any of the authority's purposes or power unless the conduct of the directors, officers or employees is finally determined by a court of competent jurisdiction to constitute intentional wrongdoing or recklessness.
Terms Used In N.Y. Public Authorities Law 1021-O
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
2. The provisions of § 18 of the public officers law shall apply to directors, officers and employees of the authority in connection with any and all claims, demands, suits, actions or proceedings which may be made or brought against any of them arising out of any determinations made or actions taken or omitted to be taken in compliance with any actions taken pursuant to the powers of this title.
3. As used in this section, the terms "director", "officer" and "employee" shall include a former director, officer or employee and his or her estate or judicially appointed personal representative.
4. Nothing in this section shall limit the obligations of a "director," "officer," or "employee" of the authority or of a subsidiary of the authority as a "person required to collect tax," as such term is defined in Article 28 of the tax law, if such director, officer or employee is, or was, under a duty to act for the authority or subsidiary, or both, as the case may be, in complying with any requirement of Article 28 of the tax law.