§ 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.

HISTORY: 1999, ch. 452; 2010, ch. 611, § 1.