§ 12–304
Statutes in effect as of October 1, 2026.
Md. Code Ann., Corps. & Ass'ns § 12-304 (2026)
Title 12. Statutory Trusts
Subtitle 3. Beneficial Owners
§ 12–304LinkCopy Citation
(a)
Except as provided in its governing instrument, a statutory trust shall have the power to:
(1)
Indemnify and hold harmless, and to obligate itself to indemnify and hold harmless, any beneficial owner from and against any and all claims and demands whatsoever; and
(2)
Pay or reimburse in advance of final disposition of a proceeding, as defined in § 2–418 of this article, any expenses incurred in connection with the proceeding.
(b)
The absence of a provision for indemnity in the governing instrument of a statutory trust may not be construed to deprive a beneficial owner of any right to indemnity that is otherwise available to the beneficial owner under the laws of the State.