Maryland Corporations and Associations Section 12-402

      (a)      Subject to the provisions of subsections (b) and (c) of this section, and except to the extent otherwise provided in the governing instrument of a business trust, a trustee, when acting in such capacity, is not personally liable to any person other than the business trust or a beneficial owner for any act, omission, or obligation of the business trust or any trustee.

      (b)      In the absence of any provision in the governing instrument of the business trust, a trustee shall have no duty or liability to the business trust or a beneficial owner for any act greater than that of directors of a Maryland corporation to the corporation as provided in Title 2, Subtitle 4 of this article.

      (c)      The governing instrument of a business trust may not include any provision limiting the liability of its trustees and officers to the trust or its beneficial owners to any extent greater than that permitted by Title 2, Subtitle 4 of this article in connection with the liability of directors and officers of a Maryland corporation.