§ 7763. Cotrustees - UTC 703
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and FiduciariesEffective: November 6, 2006
Effective: November 6, 2006
20 Pa.C.S.A. § 7763
§ 7763. Cotrustees - UTC 703
(a.1) When no majority.--When a dispute arises among trustees as to the exercise or nonexercise of any of their powers and there is no agreement by a majority of them, unless otherwise provided by the trust instrument, the court in its discretion, upon petition filed by any of the trustees or any party in interest, aided if necessary by the report of a master, may direct the exercise or nonexercise of the power as it deems necessary for the best interest of the trust.
(c) Performance.--A cotrustee shall participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under the law or other reason or the cotrustee has properly delegated the performance of the function to another trustee.
(h) Dissenting trustee.--A dissenting trustee shall join the majority to carry out a majority decision requiring affirmative action and may be ordered to do so by the court. A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a breach of trust involving fraud or self-dealing.
Credits
2006, July 7, P.L. 625, No. 98, § 9, effective in 120 days [Nov. 6, 2006].
20 Pa.C.S.A. § 7763, PA ST 20 Pa.C.S.A. § 7763
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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