Maryland Code § CJ-5-419

(a) Subject to the provisions of subsection (b) of this section, a shareholder
or trustee of a real estate investment, defined under Title 8, Subtitle 1 of the
Corporations and Associations Article, is not personally liable for the obligations of
the real estate investment trust.
(b) If a trustee otherwise would be liable, the provisions of subsection (a) of
this section do not relieve the trustee from any liability to the trust or its security
holders for any act that constitutes:
(1) Bad faith;
(2) Willful misfeasance;
(3) Gross negligence; or
(4) Reckless disregard of the trustee's duties.
(c) (1) Except as provided in paragraph (2) of this subsection, the
declaration of trust of a real estate investment trust may include any provision
expanding or limiting the liability of its trustees and officers to the trust or its
shareholders for money damages.
(2) The declaration of trust of a real estate investment trust may not
include any provision that restricts or limits the liability of its trustees or officers to
the trust or its shareholders:
(i) To the extent that it is proved that the person actually
received an improper benefit or profit in money, property, or services, for the amount
of the benefit or profit in money, property, or services actually received; or
(ii) To the extent that a judgment or other final adjudication
adverse to the person is entered in a proceeding based on a finding in the proceeding
that the person's action or failure to act was the result of active and deliberate
dishonesty and was material to the cause of action adjudicated in the proceeding.

(3) This subsection may not be construed to affect the liability of a
person in any capacity other than the person's capacity as a trustee or officer of a real
estate investment trust.

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