Section 12-304 - Indemnification.
§ 12-304. Indemnification.
(a) In general.- 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 beneficial owner 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, any expenses incurred in connection with the proceeding.
(b) Absence of provision in governing instrument.- The absence of a provision for indemnity in the governing instrument of a statutory trust may not be construed to deprive a beneficial owner of any right to indemnity that is otherwise available to the beneficial owner under the laws of the State.
[1999, ch. 452; 2010, ch. 611, § 1.]