2016 Maryland Code
Corporations and Associations
Title 12 - Statutory Trusts
Subtitle 3 - Beneficial Owners.
§ 12-302. Liability; defenses

MD Corp & Assn Code § 12-302 (2016) What's This?

(a) Limitation of liability. -- Except as provided in the governing instrument of a statutory trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of a Maryland corporation formed under Title 2 of this article.

(b) Usury defenses. --

(1) Neither an obligation of a beneficial owner or trustee of a statutory trust to the statutory trust arising under the governing instrument or a separate agreement in writing, or a note, instrument, or other writing evidencing any such obligation of a beneficial owner or trustee, shall be subject to the defense of usury.

(2) A beneficial owner or trustee may not interpose the defense of usury with respect to any obligation identified in paragraph (1) of this subsection in any action.

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