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§ 7739. Noncharitable trust without ascertainable beneficiary -UTC 409

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 D. Creation, Validity, Modification and Termination of Trust (Refs & Annos)
Effective: November 6, 2006
20 Pa.C.S.A. § 7739
§ 7739. Noncharitable trust without ascertainable beneficiary -UTC 409
Except as otherwise provided in section 7738 (relating to trust for care of animal - UTC 408) or by another statute:
(1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than 21 years.
(2) A trust authorized by this section may be enforced by a person appointed in the trust instrument or, if no person is so appointed, by a person appointed by the court.
(3) Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the trust instrument, property not required for the intended use must be distributed to the settlor if then living, otherwise to the settlor's successors in interest.

Credits

2006, July 7, P.L. 625, No. 98, § 9, effective in 120 days [Nov. 6, 2006].
20 Pa.C.S.A. § 7739, PA ST 20 Pa.C.S.A. § 7739
Current through 2022 Regular Session Act 40. Some statute sections may be more current, see credits for details.
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