INDEMNITY

s.222

Agent to be indemnified against consequences of lawful acts.

LIC v. S. Sindhu

Contracts of insurance against loss are covered by the chapter on Contingent contracts. There was a lapsed insurance policy to which only the amount payable was asked to be paid and no liability for interest on such amount was allowed.

contract of indemnity

a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself or any other person.

Sheffield Corp v. Barclay

a corporation, having registered a transfer of stock on the request of a banker, was held entitled to recover indemnity from the banker when the transfers were discovered to be forged.

Adamson v. Jarvis

facts- cattle auction judgement - the plaintiff having acted on the request of the defendant was entitled to assume that, if, what he did, turned out to be wrongful, he would be indemnified by the defendant.

implied indemnity contract

sec 69, sec 145, sec 222

Osmal Jamal and sons Ltd v. Gopal Purushotham

the indemnified can constrain the indemnifier to place him in a position to meet liability that may be built upon him without waiting until the indemnified has cleared the same.

indemnifier

the person who gives the indemnity

indemnified or indemnity holder

the person who receives protection through indemnity

s.145

implied promise to indemnify surety

s. 124

Contract of indemnity

s.223

Indemnity between principal and agent

s.69

Reimbursement of person paying money due by another, in payment of which he is interested.

Gajanan Moreshwar Parelkar v. Moreshwar Madan Mantri

The definition excludes from it's purview cases of loss arising from accidents like fire or perils of the sea. Loss must be caused by some human agency.