1. (a) 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. (1) is personally liable to the several systems for any losses to the several systems resulting from a breach;
   2. (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. (3) is subject to any equitable or remedial relief, including removal of the fiduciary, that a court considers appropriate.

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

   1. (1) before the fiduciary became a fiduciary; or
   2. (2) after the fiduciary ceased to be a fiduciary.

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994.

Formerly Art. 73B, § 1-206.