(D) A BENEFICIAL OWNER'S BENEFICIAL INTEREST IN THE BUSINESS TRUST
IS FREELY TRANSFERABLE EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN THE
GOVERNING INSTRUMENT OF THE BUSINESS TRUST.

(E) EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN THE GOVERNING
INSTRUMENT OF A BUSINESS TRUST, AT THE TIME A BENEFICIAL OWNER BECOMES
ENTITLED TO RECEIVE A DISTRIBUTION, THE BENEFICIAL OWNER HAS THE STATUS
OF, AND IS ENTITLED TO ALL REMEDIES AVAILABLE TO, A CREDITOR OF THE
BUSINESS TRUST WITH RESPECT TO THE DISTRIBUTION. A GOVERNING INSTRUMENT
MAY PROVIDE FOR THE ESTABLISHMENT OF RECORD DATES WITH RESPECT TO
ALLOCATIONS AND DISTRIBUTIONS BY A BUSINESS TRUST.

12-304.

(A) SUBJECT TO THE STANDARDS AND RESTRICTIONS, IF ANY, SET FORTH IN
THE GOVERNING INSTRUMENT OF A BUSINESS TRUST, A BUSINESS TRUST SHALL
HAVE THE POWER TO INDEMNIFY AND HOLD HARMLESS ANY BENEFICIAL OWNER
FROM AND AGAINST ANY AND ALL CLAIMS AND DEMANDS WHATSOEVER

(B) THE ABSENCE OF A PROVISION FOR INDEMNITY IN THE GOVERNING
INSTRUMENT OF A BUSINESS TRUST MAY NOT BE CONSTRUED TO DEPRIVE A
BENEFICIAL OWNER OF ANY RIGHT TO INDEMNITY THAT IS OTHERWISE AVAILABLE
TO THE BENEFICIAL OWNER UNDER THE LAWS OF THE STATE.

12-305.

(A) EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN THE GOVERNING
INSTRUMENT OF A BUSINESS TRUST, EACH BENEFICIAL OWNER OF A BUSINESS
TRUST HAS THE RIGHT, SUBJECT TO SUCH REASONABLE STANDARDS, INCLUDING
STANDARDS GOVERNING WHAT INFORMATION AND DOCUMENTS ARE TO BE
FURNISHED AT WHAT TIME AND LOCATION AND AT WHOSE EXPENSE, AS MAY BE
ESTABLISHED BY THE TRUSTEES, TO OBTAIN FROM THE BUSINESS TRUST FROM
TIME TO TIME ON REASONABLE DEMAND FOR ANY PURPOSE REASONABLY RELATED
TO THE BENEFICIAL OWNER'S INTEREST AS A BENEFICIAL OWNER OF THE BUSINESS
TRUST:

(1) A COPY OF THE GOVERNING INSTRUMENT AND CERTIFICATE OF
TRUST AND ALL AMENDMENTS, TOGETHER WITH COPIES OF ANY WRITTEN POWERS

OF ATTORNEY UNDER WHICH THE GOVERNING INSTRUMENT AND ANY CERTIFICATE
AND ANY AMENDMENTS HAVE BEEN EXECUTED;

(2) A CURRENT LIST OF THE NAME AND LAST KNOWN BUSINESS OR
MAILING ADDRESS OF EACH BENEFICIAL OWNER AND TRUSTEE; AND

(3) INFORMATION REGARDING THE BUSINESS AND FINANCIAL
CONDITION OF THE BUSINESS TRUST.

(B) EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN THE GOVERNING
INSTRUMENT OF A BUSINESS TRUST, EACH TRUSTEE SHALL HAVE THE RIGHT TO

EXAMINE ALL THE INFORMATION DESCRIBED IN SUBSECTION (A) OF THIS SECTION
FOR ANY PURPOSE REASONABLY RELATED TO THE TRUSTEE'S POSITION AS A
TRUSTEE.