§ 12-403

Maryland § 12-403

• Jurisdiction: Maryland
• Article gca: Corporations and Associations
• Title: 12

Text

(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.