Pennsylvania § 7761 Accepting or declining trusteeship - UTC 701

Pennsylvania Statutes

§ 7761 — Accepting or declining trusteeship - UTC 701

Pennsylvania·Title 20 DECEDENTS, ESTATES AND FIDUCIARIES·Ch. 77 TRUSTS·Subch. OFFICE OF TRUSTEE

(a)Accepting trusteeship.--Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:

(1)by substantially complying with a method of acceptance provided in the terms of the trust; or

(2)if the terms of the trust do not provide a method or the method provided in the terms of the trust is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee or by otherwise indicating acceptance of the trusteeship.

(b)Rejecting trusteeship.--A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trus

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(a) Accepting trusteeship.--Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:

(1) by substantially complying with a method of acceptance provided in the terms of the trust; or

(2) if the terms of the trust do not provide a method or the method provided in the terms of the trust is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee or by otherwise indicating acceptance of the trusteeship.

(b) Rejecting trusteeship.--A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.

(c) Actions not constituting acceptance of trusteeship.--A person designated as trustee, without accepting the trusteeship, may:

(1) act to preserve the trust property if, within a reasonable time after acting, the person sends a written rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and

(2) inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.

Pennsylvania § 7761 (Accepting or declining trusteeship - UTC 701) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(July 15, 2024, P.L.786, No.64, eff. 90 days) 2024 Amendment.Act 64 amended subsec. (a). See section 11 of Act 64 in the appendix to this title for special provisions relating to Uniform Trust Code. Cross References.Section 7761 is referred to in section 9780.27 of this title.