Sec. 34-523. Liability of beneficial owners, trustees, officers, employees and managers.
Sec. 34-523. Liability of beneficial owners, trustees, officers, employees and
managers. (a) Except to the extent otherwise provided in the governing instrument of
the statutory trust, the beneficial owners of a statutory trust shall be entitled to the same
limitation of personal liability extended to shareholders of domestic corporations.
(b) Except to the extent otherwise provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, shall not be personally liable to any
person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.
(c) Except to the extent otherwise provided in the governing instrument of a statutory trust, an officer, employee, manager or other person acting pursuant to subdivision
(7) of subsection (b) of section 34-517, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act,
omission or obligation of the statutory trust or any trustee thereof.
(P.A. 96-271, S. 223, 254.)
History: P.A. 96-271 effective October 1, 1997.