# Corporations and Associations (GCA)

## Title 12. Statutory Trusts

### Subtitle 3. Beneficial Owners

#### Section 12-304

(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 Sec. 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.

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Md. Code Ann., Corps. & Ass'ns (as displayed at mgaleg.maryland.gov, October 16, 2026)