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§ 7503. Application of chapter

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and FiduciariesEffective: September 5, 2006

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 20 Pa.C.S.A. Decedents, Estates and Fiduciaries (Refs & Annos)
Chapter 75. Limitations on Exercise of Trustee Powers and Powers of Beneficiaries to Appoint Trustees
Effective: September 5, 2006
20 Pa.C.S.A. § 7503
§ 7503. Application of chapter
(a) General rule.--This chapter shall apply to:
(1) Any trust created under a governing instrument executed on or after March 21, 1999, unless the governing instrument expressly provides that this chapter does not apply.
(2) Any trust created under a governing instrument executed before March 21, 1999, unless all interested parties affirmatively elect on or before December 21, 2001, by a written declaration signed by or on behalf of each interested party and delivered to the trustee, not to be subject to the application of this chapter. In the case of a testamentary trust, the declarations shall be filed with the register in the county in which the will was admitted to probate.
(b) Exclusion.--This chapter shall not apply to:
(1) Any trust during the time that the trust is revocable or amendable by its settlor.
(2) A spouse of a decedent or settlor where the spouse is the trustee of a testamentary or inter vivos trust for which a marital deduction has been allowed.
(3) Deleted by 2006, July 7, P.L. 625, No. 98, § 6, effective in 60 days [Sept. 5, 2006].
(4) A trust under a governing instrument that by specific reference expressly rejects the application of this chapter.
(5) Deleted by 2006, July 7, P.L. 625, No. 98, § 6, effective in 60 days [Sept. 5, 2006].

Credits

1998, Dec. 21, P.L. 1067, No. 141, § 2, imd. effective. Amended 2006, July 7, P.L. 625, No. 98, § 6, effective in 60 days [Sept. 5, 2006].
20 Pa.C.S.A. § 7503, PA ST 20 Pa.C.S.A. § 7503
Current through Act 4 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document