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§ 12-501. Power to sue and be sued; legal proceedings

West's Annotated Code of MarylandCorporations and AssociationsEffective: June 1, 2010

West's Annotated Code of Maryland
Corporations and Associations
Title 12. Statutory Trusts (Refs & Annos)
Subtitle 5. Legal Proceedings
Effective: June 1, 2010
MD Code, Corporations and Associations, § 12-501
§ 12-501. Power to sue and be sued; legal proceedings
Currentness
Service of process
(a) Service of process on a statutory trust may be effected in the same manner as service of process on a Maryland corporation.
Consent
(b) In the governing instrument of a statutory trust or other writing, a trustee, beneficial owner, or other person may consent to be:
(1) Subject to:
(i) The nonexclusive jurisdiction of the courts of, or arbitration in, a specified jurisdiction;
(ii) The exclusive jurisdiction of the courts of the State; or
(iii) The exclusivity of arbitration in a specified jurisdiction or the State; and
(2) Served with legal process in the manner prescribed in the governing instrument of the statutory trust or other writing.
Attachment
(c) The property of a statutory trust is subject to attachment and execution as if the statutory trust was a corporation.
Registered investment company
(d) Notwithstanding the provisions of this section, if the governing instrument of a statutory trust, including the governing instrument of a statutory trust which is a registered investment company under the Investment Company Act of 1940,1 creates one or more series or classes as provided in § 12-207(b) of this title, and if separate and distinct records are maintained for any such series or class and the assets associated with any such series or class are held and accounted for separately from the other assets of the statutory trust, or any other series or class, and if the governing instrument so provides, and notice of the limitation on liabilities of a series or class as referenced in this subsection is set forth in the certificate of trust of the statutory trust, then:
(1) The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular series or class shall be enforceable against the assets of that series or class only, and not against the assets of the statutory trust generally or any other series or class; and
(2) Unless otherwise provided in the governing instrument, none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the statutory trust generally or any other series or class shall be enforceable against the assets of that series or class.

Credits

Added by Acts 1999, c. 452, § 1, eff. Jan. 1, 2000. Amended by Acts 2010, c. 611, § 1, eff. June 1, 2010.

Footnotes

1
Aug. 22, 1940, ch. 686, Title I, 54 Stat. 789, codified at 15 U.S.C.A. § 80a-1 et seq.
MD Code, Corporations and Associations, § 12-501, MD CORP & ASSNS § 12-501
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document