Duties and liabilities of officer, employee, manager or other person acting pursuant to certificate of trust or governing instrument. To the extent that, at law or in equity, an officer, employee, manager or other person acting pursuant to the certificate of trust or a governing instrument has duties, fiduciary or otherwise, and liabilities relating thereto to a business trust, beneficial owner or trustee:
1. If he acts pursuant to a governing instrument, he is not liable to the business trust, a beneficial owner or a trustee 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