Law · Commercial Law
Consider the following statements regarding the rights in a Contract of Indemnity: Statement I: The indemnity holder can recover interest on the damages and costs from the date they became payable to the third party. Statement II: An indemnity holder is entitled to recover sums paid under a compromise only if the compromise was sanctioned by a court of law. Statement III: Under Indian law, an indemnifier who settles the claim possesses a Right of Subrogation similar to a surety. Which of the above statements are correct?
- 1I, II and III
- 2Only II and III
- 3Only I and III✓
- 4Only I
Correct answer
Only I and III
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