47-14A-27. Officer or employer acting in reliance on governing instrument not liable--Duties determined by governing instrument.
110 words·~1 min read·
/sd/title-47/chapter-47-14/47-14a-27·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To the extent that, at law or in equity, an officer, employee, manager, or other person designated pursuant to subdivision 47-14A-25(7) has duties (including fiduciary duties) and liabilities relating thereto to a business trust, a beneficial owner, or a trustee:
(1)Any such officer, employee, manager, or other person acting under a governing instrument is not liable to the business trust, any beneficial owner, or any trustee for such person's good faith reliance on the provisions of such governing instrument; and
(2)The duties and liabilities of an officer, employee, manager, or other person acting pursuant to subdivision 47-14A-25(7) may be expanded or restricted by provisions in a governing instrument.