Depository indemnity obligations protect beneficial owners for loss caused by depository or participant negligence, with recovery right. Depositories must indemnify beneficial owners for losses caused by negligence of the depository or its participants; if the depository indemnifies loss due to a participant's negligence, it may recover that amount from the participant.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Depository indemnity obligations protect beneficial owners for loss caused by depository or participant negligence, with recovery right.
Depositories must indemnify beneficial owners for losses caused by negligence of the depository or its participants; if the depository indemnifies loss due to a participant's negligence, it may recover that amount from the participant.
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