§ 12-302
123 words·~1 min read·
/md/corporations-and-associations/12-302·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–302.
(a)Except as provided in the governing instrument of a statutory trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of a Maryland corporation formed under Title 2 of this article.
(1)Neither an obligation of a beneficial owner or trustee of a statutory trust to the statutory trust arising under the governing instrument or a separate agreement in writing, or a note, instrument, or other writing evidencing any such obligation of a beneficial owner or trustee, shall be subject to the defense of usury.
(2)A beneficial owner or trustee may not interpose the defense of usury with respect to any obligation identified in paragraph
(1)of this subsection in any action.