LIMITED PARTNERSHIP, A COMMON-LAW TRUST, A LIMITED LIABILITY COMPANY, A
REAL ESTATE INVESTMENT TRUST OR CORPORATION, OR ANY OTHER
UNINCORPORATED BUSINESS.

(2) "OTHER BUSINESS ENTITY" DOES NOT INCLUDE A BUSINESS TRUST.

(H) "PERSON" MEANS A NATURAL PERSON, PARTNERSHIP, LIMITED
PARTNERSHIP, LIMITED LIABILITY COMPANY, TRUST, ESTATE, ASSOCIATION,
CORPORATION, CUSTODIAN, NOMINEE OR ANY OTHER INDIVIDUAL OR ENTITY IN ITS
OWN OR ANY REPRESENTATIVE CAPACITY.

(I) (1) "TRUSTEE" MEANS THE PERSON APPOINTED AS A TRUSTEE IN
ACCORDANCE WITH THE GOVERNING INSTRUMENT OF A BUSINESS TRUST.

(2) "TRUSTEE" MAY INCLUDE A BENEFICIAL OWNER OF A BUSINESS

TRUST.
12-102.

(A) EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN THE GOVERNING
INSTRUMENT OF A BUSINESS TRUST OR IN THIS TITLE, THE LAWS OF THIS STATE
PERTAINING TO TRUSTS ARE HEREBY MADE APPLICABLE TO BUSINESS TRUSTS.

(B) FOR PURPOSES OF ANY TAX IMPOSED BY THE TAX-GENERAL ARTICLE OF
THE CODE, A BUSINESS TRUST SHALL BE CLASSIFIED AS A CORPORATION, AN
ASSOCIATION, A PARTNERSHIP, A TRUST OR OTHERWISE, AS SHALL BE DETERMINED
UNDER THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR
UNDER ANY SUCCESSOR PROVISION.

(C) ANY BUSINESS TRUST QUALIFYING AS A REAL ESTATE MORTGAGE
INVESTMENT CONDUIT UNDER SECTION 860D OF THE INTERNAL REVENUE CODE OR
ANY SUCCESSOR PROVISION SHALL BE EXEMPT FROM INCOME TAX EXCEPT THAT
PORTION OF ITS INCOME THAT IS SUBJECT TO FEDERAL INCOME TAX.

12-103.

A BUSINESS TRUST ESTABLISHED IN ACCORDANCE WITH THE PROVISIONS OF
THIS TITLE IS A SEPARATE LEGAL ENTITY.

12-104.

THIS TITLE MAY BE CITED AS THE "MARYLAND BUSINESS TRUST ACT".
SUBTITLE 2. FORMATION AND POWERS.

12-201.

(A) EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, A BUSINESS
TRUST MAY CARRY ON ANY LAWFUL BUSINESS FOR ANY PURPOSES.

(B) A BUSINESS TRUST MAY NOT CARRY ON THE BUSINESS OF:

(1) GRANTING POLICIES OF INSURANCE OR ASSUMING INSURANCE

RISKS; OR