Section 21-206 - Liability of fiduciary for breach of duty. - Maryland Statutes

§ 21-206. Liability of fiduciary for breach of duty.
 

(a)  Liability.- Subject to § 21-207 of this subtitle, a fiduciary who breaches any of the responsibilities, obligations, or duties imposed on a fiduciary by this subtitle: 

(1) is personally liable to the several systems for any losses to the several systems resulting from a breach; 

(2) shall restore to the several systems any profits of the fiduciary made through use of assets of the several systems by the fiduciary; and 

(3) is subject to any equitable or remedial relief, including removal of the fiduciary, that a court considers appropriate. 

(b)  Limitation on liability.- A fiduciary is not liable with respect to a breach of fiduciary duty under this subtitle if the breach was committed: 

(1) before the fiduciary became a fiduciary; or 

(2) after the fiduciary ceased to be a fiduciary. 
 

[An. Code 1957, art. 73B, § 1-206; 1994, ch. 6, § 2.]