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2021 Maryland Statutes
Corporations and Associations
Title 12 - Statutory Trusts
Subtitle 4 - Trustees; Powers; Liabilities
Section 12-401 - Trustee Management; Limitation on Duties and Liabilities of Others
Universal Citation:
MD. Corporations and Associations Code Ann. § 12-401 (2021)
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(a) Except as provided in its governing instrument, the business and affairs of a statutory trust shall be managed under the direction of its trustees.
(b) Except as provided in the governing instrument of a statutory trust, neither the power to give direction to a trustee or other person nor the exercise by any person, including a beneficial owner, of a direction shall cause that person to have duties, including fiduciary duties, or liabilities relating to the statutory trust or to a beneficial owner.
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