In theory, you can ask/demand (as terms of
the sale) that a purchaser indemnify you of all subsequent liability risk, even
that from a third party. i.e. then the purchaser shoulders the risk of
you being sued.
Of course this approach is only as good as
the purchaser’s ability to pay any indemnity. However, this would
seem to be pretty effective at stopping a deceased (fatal crash) purchaser’s
heirs from suing, since the purchaser’s estate would be obligated to
remit any awards back to you as part of the indemnity.
From: Lancair Mailing List [mailto:lml@lancaironline.net] On Behalf Of Bob Smiley
"Contracting out" is an interesting
concept. It works fine for certain situations inolving only the
contracting parties to the agreement. Contracting out fails when other
third parties are involved. You
cannot however disclaim any action that by law is an allowed right to the
grieved party. ie you cannot contract with someone to give up a constitutional
right for example.. Also you cannot absolve yourself for misfeasance or
malfeasance or any action that is blatently illegal. Also "Contracting
out" does not relieve you the responsibility of innocent or other
third parties who are affected by an accident such as a pasenger, other
persons injured on the ground and their family members who are suffering a loss
of their spouse or father. (snip)