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§ 7505. Joint powers and appointment of nondisqualified substituted trustees

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and Fiduciaries

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
20 Pa.C.S.A. § 7505
§ 7505. Joint powers and appointment of nondisqualified substituted trustees
Currentness
If a governing instrument contains a power proscribed under section 7504 (relating to certain trustee powers not exercisable), the following shall apply:
(1) If the power is conferred on two or more trustees, it may be exercised by the trustee or trustees who are not so prohibited as if they were the only trustee or trustees.
(2) If there is no trustee in office who can exercise the power as provided in paragraph (1), the court, upon petition and hearing after such notice as it may direct, shall appoint a trustee who is not disqualified and whose term in office shall be as the court directs for the sole purpose of exercising the powers that the other trustees cannot exercise.

Credits

1998, Dec. 21, P.L. 1067, No. 141, § 2, imd. effective.
20 Pa.C.S.A. § 7505, PA ST 20 Pa.C.S.A. § 7505
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document