Guam § 15115 - (F). Indemnification of Manager, Member, Officer,
Full text of Guam Guam Code Annotated § 15115 — (F). Indemnification of Manager, Member, Officer,, with citation guidance and answers to common questions.
§ 15115. (F). Indemnification of Manager, Member, Officer,
and Others; Purchase of Insurance.
(a) Except for a breach of the duty set forth in Subsection
15115 (D), the articles of organization or written operating
agreement of a limited liability company may provide for
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indemnification of any person, including, without limitation, any
manager, member, officer, employee, or agent of the limited
liability company, against judgments, settlements, penalties,
fines, or expenses of any kind incurred as a result of acting in
that capacity.
(b) A limited liability company shall have power to
purchase and maintain insurance on behalf of any manager,
member, officer, employee, or agent of the limited liability
company against any liability asserted against or incurred by the
person in that capacity or arising out of the person's status as a
manager, member, officer, employee, or agent of the limited
liability company.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 15115
What does Guam Code Annotated § 15115 cover?
Section 15115 ("(F). Indemnification of Manager, Member, Officer,") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 15115?
A common citation format is "Guam Code Annotated § 15115" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 15115 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.