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date: 04 July 2020

indemnity in 224......... n. 

Source:
A Dictionary of Law
Author(s):
Jonathan LawJonathan Law

An agreement by one person (X) to pay to another (Y) sums that are owed, or may become owed, to him by a third person (Z). It is not conditional on the third person defaulting on the payment, i.e. Y can sue X without first demanding payment from Z. If it is conditional on the third person’s default (i.e. if Z remains the principal debtor and must be sued for the money first) it is not an indemnity but a ... ...

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