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2023 Maryland Statutes
Corporations and Associations
Title 12 - Statutory Trusts
Subtitle 4 - Trustees; Powers; Liabilities
Section 12-403 - Indemnification
Universal Citation:
MD. Corporations and Associations Code § 12-403 (2023)
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(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.
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