§ 12–403
Statutes in effect as of October 1, 2026.
Md. Code Ann., Corps. & Ass'ns § 12-403 (2026)
Title 12. Statutory Trusts
Subtitle 4. Trustees; Powers; Liabilities
§ 12–403LinkCopy 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 trustee, officer, employee, or agent 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, reasonable expenses incurred in connection with the proceeding.
(b)
Except as provided in the governing instrument of a statutory trust, a trustee shall be indemnified to the same extent as a director of a corporation under § 2–418 of this article.