§ 12-401

(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.