[§304A-108]  Suits.  (a)  The universitymay sue and be sued in its corporate name.  Notwithstanding any other law tothe contrary, all claims arising out of the acts or omissions of the universityor the members of its board of regents, its officers, or its employees,including claims permitted against the State under chapter 661, part I, andclaims for torts permitted against the State under chapter 662, may be broughtonly pursuant to this section and only against the university.  However, theuniversity shall be subject to suit only in the manner provided for suitsagainst the State, including section 661-11, and any liability incurred by theuniversity in such a suit shall be solely the liability of the university,shall be payable solely from the moneys and property of the university, andshall not constitute a general obligation of the State or be secured directlyor indirectly by the full faith and credit of the State or the general creditof the State or by any revenue or taxes of the State.  All defenses availableto the State, as well as all limitations on actions against the State, shall beapplicable to the university.

(b)  The board of regents, upon the advice ofits attorney, may arbitrate, compromise, or settle any claim, action, or suitbrought against the university pursuant to this section.  Any claim compromisedor settled under this subsection shall be payable solely from the moneys andproperty of the university and shall not constitute a general obligation of theState or be secured directly or indirectly by the full faith and credit of theState or the general credit of the State or by any revenue or taxes of theState.  Nothing in this subsection precludes the board of regents fromrequesting and securing legislative appropriations to fund the settlement ofany such claim or judgment against the university or its regents, officers,employees, or agents.

(c)  Rights and remedies conferred by thissection shall be exclusive and shall not be construed to authorize any otherclaim, suit, or action against the State.  In addition, a judgment, compromise,or settlement in an action brought against the university under this sectionshall constitute a complete bar to any action brought by the claimant, byreason of the same subject matter, against the State or an officer or employeeof the university.

(d)  The university may purchase insurance tocover any claims anticipated under this section. [L 2006, c 75, pt of §2]