§ 21-206

Maryland § 21-206

• Jurisdiction: Maryland
• Article gsp: State Personnel and Pensions
• Title: 21

Text

(a) Subject to § 21-207 of this subtitle, a fiduciary who breaches any of the responsibilities, obligations, or duties imposed on a fiduciary by this subtitle:

(1) is personally liable to the several systems for any losses to the several systems resulting from a breach;

(2) shall restore to the several systems any profits of the fiduciary made through use of assets of the several systems by the fiduciary; and

(3) is subject to any equitable or remedial relief, including removal of the fiduciary, that a court considers appropriate.

(b) A fiduciary is not liable with respect to a breach of fiduciary duty under this subtitle if the breach was committed:

(1) before the fiduciary became a fiduciary; or

(2) after the fiduciary ceased to be a fiduciary.