1. (a) Except as provided in its governing instrument, a statutory trust shall have the power to:

   1. (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. (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.
2. (b) 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.

Added by Acts 1999, c. 452, § 1, eff. Jan. 1, 2000. Amended by Acts 2010, c. 611, § 1, eff. June 1, 2010.