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§ 7603. Contract to exercise power

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and FiduciariesEffective: January 1, 2017

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 20 Pa.C.S.A. Decedents, Estates and Fiduciaries (Refs & Annos)
Chapter 76. Powers of Appointment
Effective: January 1, 2017
20 Pa.C.S.A. § 7603
§ 7603. Contract to exercise power
Currentness
(a) Contract prohibited.--Unless the donor and donee are the same person, the donee of a power of appointment that is not presently exercisable may not contract to exercise the power.
(b) Actions for recovery.--A prohibited contract under subsection (a), if made, may not be the basis of an action for specific performance or damages, but the promisee can obtain restitution from the donee of the value given for the promise, unless the donee has exercised the power pursuant to the contract.
(c) No limitation on disclaimer or release.--This section does not limit the power of a donee to disclaim or release a power of appointment in whole or in part.

Credits

2016, July 8, P.L. 497, No. 79, § 13, effective Jan. 1, 2017.
20 Pa.C.S.A. § 7603, PA ST 20 Pa.C.S.A. § 7603
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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