NY AMC law. See page 5 about indemnification.

[Jim Scholl]

Just an FYI.

NY AMC law. See page 5 about indemnification.

 

[DWiley]

That is pretty common in state AMC laws. I see nothing in what you posted that stands out as different or unique. Did something in particular catch your eye?

In my experience, appraiser often misread such laws. Many think they prohibit all indemnification clauses, and they do not. They only limit clauses that ask an appraiser to indemnify the AMC against actions by the AMC. It is still perfectly acceptable for an AMC agreement to have an indemnification clause related to actions by the appraiser.

 

[Jim Scholl]

That is pretty common in state AMC laws. I see nothing in what you posted that stands out as different or unique. Did something in particular catch your eye?

In my experience, appraiser often misread such laws. Many think they prohibit all indemnification clauses, and they do not. They only limit clauses that ask an appraiser to indemnify the AMC against actions by the AMC. It is still perfectly acceptable for an AMC agreement to have an indemnification clause related to actions by the appraiser.

I probably would not make such a blanket statement as you did unless I was an attorney in New York.

 

[DWiley]

I probably would not make such a blanket statement as you did unless I was an attorney in New York.

I only made that comment because in my 8 years working in AMC land I dealt with a lot of frivolous complaints filed by appraisers (including some in NY) over the very issue I cited. Many would just see “indemnify” in the agreement and assume it was a violation. Then the state board would have to explain to them what the law actually said.

 

[Mike Kennedy]

Jim - what info are you referring to ??

 

[Mejappz]

I think he is referring to this.

 

[Terrel L. Shields]

The large print giveth and the fine print taketh away....AMCs are free to be unfettered agents of the banksters.

 

[Jim Scholl]

Jim - what info are you referring to ??

Mike, on page 5 of the law(which is attached) indemnification is covered.

 

[Jim Scholl]

The large print giveth and the fine print taketh away....AMCs are free to be unfettered agents of the banksters.

Terrel we called our E & O provider who advised us against signing such agreements. So we avoid them completely. All appraisers should call their E & O company to discuss this issue.

 

[Jim Scholl]

Since we already supply the AMC's with E & O there really is no need for a separate indemnification.