Maryland Code, STATE PERSONNEL AND PENSIONS 21-208
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 21-208
- Fiduciary: A trustee, executor, or administrator.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(a) Except as provided in § 21-204(b) and (c) of this subtitle, a provision in an agreement that purports to relieve a fiduciary from a responsibility, obligation, or duty, or liability for a responsibility, obligation, or duty under this subtitle is against public policy and void.
(b) This subtitle does not preclude indemnification of a fiduciary in accordance with § 21-207 of this subtitle.