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2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-52 CHAPTER 52 CORPORATE POWERS, PROCEDURES OF STOCK AND MUTUAL INSURERS (500.5200...500.5290)
Section 500.5242b Payment of expenses in advance of final disposition of action, suit, or proceeding; undertaking.
Universal Citation: MI Comp L § 500.5242b (2017)
500.5242b Payment of expenses in advance of final disposition of action, suit, or proceeding; undertaking.
Sec. 5242b.
Expenses incurred in defending a civil or criminal action, suit, or proceeding described in section 5241 or 5242 may be paid by the corporation in advance of the final disposition of the action, suit, or proceeding upon receipt of an undertaking by or on behalf of the director, officer, employee, or agent to repay the expenses if it is ultimately determined that the person is not entitled to be indemnified by the corporation. The undertaking shall be by unlimited general obligation of the person on whose behalf advances are made but need not be secured.
History: Add. 1988, Act 290, Eff. Jan. 1, 1989
Popular Name: Act 218
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