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 trustee, officer, employee, or agent 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, reasonable expenses incurred in connection with the proceeding.
2. (b) 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.

Added by Acts 1999, c. 452, § 1, eff. Jan. 1, 2000. Amended by Acts 2000, c. 61, § 1, eff. April 25, 2000; Acts 2010, c. 611, § 1, eff. June 1, 2010.