(a) Generally. Subject to § 5-2-406, a fiduciary who breaches any of the responsibilities, obligations, or duties imposed on a fiduciary by this subtitle is personally liable to the System for any losses to the System resulting from a breach; shall restore to the System any profits of the fiduciary made through use of assets of the System by the fiduciary; and is subject to any equitable or remedial relief, including removal of the fiduciary, that a court considers appropriate.
(b) Limitation on liability. A fiduciary is not liable with respect to a breach of fiduciary duty under this subtitle if the breach was committed before the fiduciary became a fiduciary or after the fiduciary ceased to be a fiduciary.
(1985 Code, Art. 7, § 2-405) (Bill No. 88-96; Bill No. 90-01)