Section 12-401 - Trustee management; limitation on duties and liabilities of others.
§ 12-401. Trustee management; limitation on duties and liabilities of others.
(a) In general.- Except as provided in its governing instrument, the business and affairs of a statutory trust shall be managed under the direction of its trustees.
(b) Limitation on liability.- 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.
[1999, ch. 452; 2010, ch. 611, § 1.]