Tennessee § 48-58-503 - Mandatory indemnification.
Full text of Tennessee Tennessee Code Annotated § 48-58-503 — Mandatory indemnification., with citation guidance and answers to common questions.
§ 48-58-503. Mandatory indemnification.
Unless limited by its charter, a corporation shall indemnify a director to the extent the director was successful, on the merits or otherwise, or who is immune from suit under § 48-58-601 , in the defense of any proceeding to which the director was a party because the director is or was a director of the corporation against reasonable expenses incurred by the director in connection with the proceeding. Acts 1987, ch. 242, § 8.52; 2014, ch. 899, § 47.
Frequently Asked Questions About Tennessee § 48-58-503
What does Tennessee Code Annotated § 48-58-503 cover?
Section 48-58-503 ("Mandatory indemnification.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. 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 Tennessee § 48-58-503?
A common citation format is "Tennessee Code Annotated § 48-58-503" (Tennessee). 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 Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 48-58-503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee 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 Tennessee.