§ 21-206
129 words·~1 min read·
/md/state-personnel-and-pensions/21-206·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§21–206.
(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)is personally liable to the several systems for any losses to the several systems resulting from a breach;
(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)is subject to any equitable or remedial relief, including removal of the fiduciary, that a court considers appropriate.
(b)A fiduciary is not liable with respect to a breach of fiduciary duty under this subtitle if the breach was committed:
(1)before the fiduciary became a fiduciary; or
(2)after the fiduciary ceased to be a fiduciary.