§ 7785. Limitation of action against trustee
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and FiduciariesEffective: January 1, 2017
Effective: January 1, 2017
20 Pa.C.S.A. § 7785
§ 7785. Limitation of action against trustee
(iii) in the 30 months after a report to which subparagraph (ii) refers was sent by the trustee to the beneficiary, the beneficiary did not notify the trustee in writing that the beneficiary challenges the transaction or asserts a claim and provides in writing the basis for that challenge or assertion; and
(3) In a writing given to the trustee, a beneficiary of a trust may nominate another person to receive, on behalf of the beneficiary, the reports required by this section. By giving the reports required by this section to the nominee of the beneficiary, the trustee satisfies the trustee's duty to give the beneficiary the reports required by this section if:
(4) The trustee may rely upon the beneficiary's nomination of another person to receive the reports required by this section on behalf of the beneficiary and the nominee's presumed acceptance of that representation under this subsection until the trustee receives a written rescission of the nomination from the beneficiary or a written declination to receive further reports from the nominee. No such rescission or declination shall render ineffective any report given by the trustee to the nominee before the trustee received the rescission or declination.
(1.1) A beneficiary who has challenged a transaction or asserted a claim as provided in subsection (a)(1)(iii) may not challenge the transaction or assert the claim against the trustee in a court or an arbitration proceeding commenced more than five years after the date the trustee sent the beneficiary the report described in subsection (a)(1)(i) and (ii).
Credits
2006, July 7, P.L. 625, No. 98, § 9, effective in 120 days [Nov. 6, 2006]. Amended 2010, Oct. 27, P.L. 837, No. 85, § 8, effective in 60 days [Dec. 27, 2010]; 2016, July 8, P.L. 497, No. 79, § 17, effective Jan. 1, 2017.
20 Pa.C.S.A. § 7785, PA ST 20 Pa.C.S.A. § 7785
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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