State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-137

21-137. Indemnification and insurance.(ULLCA 408) (a) A limitedliability company shall reimburse for any payment made and indemnify for anydebt, obligation, or other liability incurred by a member of a member-managedcompany or the manager of a manager-managed company in the course of the member'sor manager's activities on behalf of the company, if, in making the paymentor incurring the debt, obligation, or other liability, the member or managercomplied with the duties stated in sections 21-134 and 21-138.(b) A limited liabilitycompany may purchase and maintain insurance on behalf of a member or managerof the company against liability asserted against or incurred by the memberor manager in that capacity or arising from that status even if, under subsection(f) of section 21-110, the operating agreement could not eliminate or limitthe person's liability to the company for the conduct giving rise to the liability. SourceLaws 2010, LB888, § 37.Operative Date: January 1, 2011