Section 12-403 - Indemnification. - Maryland Statutes

§ 12-403. 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 trustee, officer, employee, or agent 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, reasonable expenses incurred in connection with the proceeding. 

(b)  Extent.- Except as provided in the governing instrument of a statutory trust, a trustee shall be indemnified to the same extent as a director of a corporation under § 2-418 of this article. 
 

[1999, ch. 452; 2000, ch. 61, § 1; 2010, ch. 611, § 1.]