Home Table of Contents

§ 12-401. Business and affairs of trust, management

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 4. Trustees; Powers; Liabilities
Effective: June 1, 2010
MD Code, Corporations and Associations, § 12-401
§ 12-401. Business and affairs of trust, management
Management
(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.
Duties and liabilities
(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.

Credits

Added by Acts 1999, c. 452, § 1, eff. Jan. 1, 2000. Amended by Acts 2010, c. 611, § 1, eff. June 1, 2010.
MD Code, Corporations and Associations, § 12-401, MD CORP & ASSNS § 12-401
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document