§ 12–302
Statutes in effect as of October 1, 2026.
Md. Code Ann., Corps. & Ass'ns § 12-302 (2026)
Title 12. Statutory Trusts
Subtitle 3. Beneficial Owners
§ 12–302LinkCopy Citation
(a)
Except as provided in the governing instrument of a statutory trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of a Maryland corporation formed under Title 2 of this article.
(b)
(1)
Neither an obligation of a beneficial owner or trustee of a statutory trust to the statutory trust arising under the governing instrument or a separate agreement in writing, or a note, instrument, or other writing evidencing any such obligation of a beneficial owner or trustee, shall be subject to the defense of usury.
(2)
A beneficial owner or trustee may not interpose the defense of usury with respect to any obligation identified in paragraph (1) of this subsection in any action.