Duties and liabilities of trustee. To the extent that, at law or in equity, a trustee has duties, fiduciary or otherwise, and liabilities relating thereto to a business trust or beneficial owner:
1. If he acts pursuant to a governing instrument, he is not liable to the business trust or to a beneficial owner for his reliance in good faith on the provisions of the governing instrument; and
2. His duties and liabilities may be expanded or restricted by provisions in the governing instrument.
Last modified: February 26, 2006