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Indemnity - Dictionary Definition and Overview |
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Indemnity : \In*dem"ni*ty\, n.; pl. Indemnities. [L. indemnitas,
fr. indemnis uninjured: cf. F. indemnit['e]. See
Indemnify.]
1. Security; insurance; exemption from loss or damage, past
or to come; immunity from penalty, or the punishment of
past offenses; amnesty.
Having first obtained a promise of indemnity for the
riot they had committed. --Sir W.
Scott.
2. Indemnification, compensation, or remuneration for loss,
damage, or injury sustained.
They were told to expect, upon the fall of Walpole,
a large and lucrative indemnity for their pretended
wrongs. --Ld. Mahon.
Note: Insurance is a contract of indemnity. --Arnould. The
owner of private property taken for public use is
entitled to compensation or indemnity. --Kent.
Act of indemnity (Law), an act or law passed in order to
relieve persons, especially in an official station, from
some penalty to which they are liable in consequence of
acting illegally, or, in case of ministers, in consequence
of exceeding the limits of their strict constitutional
powers. These acts also sometimes provide compensation for
losses or damage, either incurred in the service of the
government, or resulting from some public measure.
Based on Webster's Revised Unabridged Dictionary
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INDEMNITY. That which is given to a person to prevent his suffering damage.
2 McCord, 279. Sometimes it signifies diminution; a tenant who has been
interrupted in the enjoyment of his lease may require anIndemnity : from the
lessor, that is, a reduction of his rent.
2. It is a rule established in all just governments that, when private
property is required for public, use, indemnity shall be given by the public
to the owner. This is the case in the United States. See Code Civil, art.
545. See Damnification.
3. Contracts made for the purpose of indemnifying a person for doing an
act for which he could be indicted, or an agreement to, compensate a public
officer for doing an act which is forbidden by law, or omitting to do one
which the law commands, are absolutely void. But when the agreement with an
officer was not to induce him to neglect his duty, but to test a legal
right, as to indemnify him for not executing an execution, it was held to be
good. 1 Bouv. Inst. n. 780.
Based on Webster's Revised Unabridged Dictionary (1913)
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Example Usage of Indemnity |
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sieglecp: Team, RT @philguttilla: More reason to form an entity in Delaware - New Delaware Case Favors Indemnity for Invest' Pros http://bit.ly/79Z3Hw |
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philguttilla: Another reason to form an entity in Delaware - New Delaware Case Favors Indemnity for Investment Professionals http://bit.ly/79Z3Hw |
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pafford: Please note: "buy now" implies "buy in 10 days" as that's when the sale occurs. Indemnity, legal legal, didn't do it, all rights, new world. |
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