{"data":{"id":"us-md/md.-code-corporations-and-associations-12-401","jurisdiction":"us-md","citation":"Md. Code, Corporations and Associations § 12–401","heading":"","body":"(a) Except as provided in its governing instrument, the business and affairs of a statutory trust shall be managed under the direction of its trustees.\n(b) Except as provided in the governing instrument of a statutory trust, neither the power to give direction to a trustee or other person nor the exercise by any person, including a beneficial owner, of a direction shall cause that person to have duties, including fiduciary duties, or liabilities relating to the statutory trust or to a beneficial owner.","path":["Article - Corporations and Associations"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gca\u0026section=12-401","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:43Z","sha256":"2bcff209e3a5b436207a7119ede5245558919456040458a87d8affc06ea81043","source_id":"us-md","stale":false,"prev":"us-md/md.-code-corporations-and-associations-12-307","next":"us-md/md.-code-corporations-and-associations-12-402"},"notice":"GroundRules: Original legal text. Not legal advice."}