§ 9503. Documentation of trust
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: July 1, 2015
Effective: July 1, 2015
15 Pa.C.S.A. § 9503
§ 9503. Documentation of trust
(a) General rule.--A business trust shall not be valid unless created by deed of trust or other written instrument subscribed by one or more individuals, associations or other entities. The trustees of a business trust shall promptly cause the instrument or any amendment thereof, except an amendment solely effecting or reflecting the substitution of or other change in the trustees, to be filed in the Department of State.
(b) Definition of “instrument”.--The term “instrument,” as used in this chapter, shall mean the original deed of trust or other written instrument, all amendments thereof and any other statements or certificates permitted or required to be filed in the department by sections 108 (relating to change in location or status of registered office provided by agent) and 138 (relating to statement of correction), Chapter 3 (relating to entity transactions)1 or this chapter. If an amendment of the instrument or a statement filed under Chapter 3 restates an instrument in its entirety, thenceforth the “instrument” shall not include any prior documents, and any certificate issued by the department with respect thereto shall so state.
(c) Amendment.--The instrument may be amended in the manner and to the extent provided therein or by the trustee or a majority of the trustees, if not otherwise provided therein. The amendment shall be evidenced by a written instrument subscribed by one or more authorized persons on behalf of the business trust. The instrument of amendment, if required by subsection (a), shall be filed in the department and:
Credits
1988, Dec. 21, P.L. 1444, No. 177, § 103, effective Oct. 1, 1989. Amended 1990, Dec. 19, P.L. 834, No. 198, § 102, imd. effective; 2001, June 22, P.L. 418, No. 34, § 2, effective in 60 days; 2013, July 9, P.L. 476, No. 67, § 51, effective in 60 days [Sept. 9, 2013]; 2014, Oct. 22, P.L. 2640, No. 172, § 57, effective July 1, 2015.
Footnotes
15 Pa.C.S.A. § 311 et seq.
15 Pa.C.S.A. § 9503, PA ST 15 Pa.C.S.A. § 9503
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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