# Corporations and Associations (GCA)

## Title 12. Statutory Trusts

### Subtitle 4. Trustees; Powers; Liabilities

#### Section 12-403

(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 Sec. 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 Sec. 2-418 of this article.

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