New York § 7021 Indemnification of directors and officers by a court

New York Statutes

§ 7021 — Indemnification of directors and officers by a court

New York § 7021

Law BNKBanking

Title 7Directors and Officers

Art. 15General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies

This text of New York § 7021 (Indemnification of directors and officers by a court) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Banking § 7021 (2026).

Text

  § 7021. Indemnification of directors and officers by a court. 1.\nNotwithstanding the failure of a corporation to provide indemnification,\nand despite any contrary resolution of the board of directors or of the\nstockholders in the specific case under section seven thousand twenty,\nindemnification shall be awarded by a court to the extent authorized\nunder section seven thousand nineteen and subdivision one of section\nseven thousand twenty.  Application therefor may be made, in every case,\neither:\n  (a) In the civil action or proceeding in which the expenses were\nincurred or other amounts were paid, or\n  (b) To the supreme court in a separate proceeding, in which case the\napplication shall set forth the disposition of any previous application\nmade to any court for the same or si

Free access — add to your briefcase to read the full text and ask questions with AI

§ 7021. Indemnification of directors and officers by a court. 1.\nNotwithstanding the failure of a corporation to provide indemnification,\nand despite any contrary resolution of the board of directors or of the\nstockholders in the specific case under section seven thousand twenty,\nindemnification shall be awarded by a court to the extent authorized\nunder section seven thousand nineteen and subdivision one of section\nseven thousand twenty. Application therefor may be made, in every case,\neither:\n (a) In the civil action or proceeding in which the expenses were\nincurred or other amounts were paid, or\n (b) To the supreme court in a separate proceeding, in which case the\napplication shall set forth the disposition of any previous application\nmade to any court for the same or similar relief and also reasonable\ncause for the failure to make application for such relief in the action\nor proceeding in which the expenses were incurred or other amounts were\npaid.\n 2. The application shall be made in such manner and form as may be\nrequired by the applicable rules of court or, in the absence thereof, by\ndirection of a court to which it is made. Such application shall be upon\nnotice to the corporation. The court may also direct that notice be\ngiven at the expense of the corporation to the stockholders and such\nother persons as it may designate in such manner as it may require.\n 3. Where indemnification is sought by judicial action, the court may\nallow a person such reasonable expenses, including attorneys' fees,\nduring the pendency of the litigation as are necessary in connection\nwith his defense therein, if the court shall find that the defendant has\nby his pleadings or during the course of the litigation raised genuine\nissues of fact or law.\n