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§ 7746. Overdue distribution - UTC 506

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and FiduciariesEffective: November 6, 2006

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 20 Pa.C.S.A. Decedents, Estates and Fiduciaries (Refs & Annos)
Chapter 77. Trusts (Refs & Annos)
Subchapter E. Creditor's Claims; Spendthrift and Discretionary Trusts (Refs & Annos)
Effective: November 6, 2006
20 Pa.C.S.A. § 7746
§ 7746. Overdue distribution - UTC 506
(a) Distribution not made within reasonable time.--Whether or not the interest of the beneficiary in the trust is subject to a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the mandated distribution date.
(b) Definition.--As used in this section, the term “mandatory distribution” means a distribution of income or principal that the trustee is required by the trust instrument to make to a beneficiary, including a distribution upon the termination of the trust. The term excludes a distribution that is subject to the exercise of the trustee's discretion regardless of whether the trust instrument includes a support or other standard to guide the trustee in making distribution decisions or provides that the trustee “may” or “shall” make discretionary distributions, including distributions pursuant to a support or other standard.

Credits

2006, July 7, P.L. 625, No. 98, § 9, effective in 120 days [Nov. 6, 2006].
20 Pa.C.S.A. § 7746, PA ST 20 Pa.C.S.A. § 7746
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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