§ 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.

HISTORY: 1999, ch. 452; 2000, ch. 61, § 1; 2010, ch. 611, § 1.