Pennsylvania § 7764 Vacancy in trusteeship; appointment of successor - UTC 704

Pennsylvania Statutes

§ 7764 — Vacancy in trusteeship; appointment of successor - UTC 704

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

(a)When vacancy occurs.--A vacancy in a trusteeship occurs if:

(1)a person designated as trustee rejects the trusteeship;

(2)a person designated as trustee cannot be identified or does not exist;

(3)a trustee resigns;

(4)a trustee is disqualified or removed;

(5)a trustee dies; or

(6)a trustee is determined by the court to be incapacitated pursuant to section 5511 (relating to petition and hearing; independent evaluation).

(b)Filling of vacancy.--A vacancy in a trusteeship need not be filled if one or more cotrustees remain in office and the terms of the trust do not require that it be filled. A vacancy shall be filled if the trust has no remaining trustee.

(c)Filling vacancy for noncharitable trust.--A vacancy in a trusteeship of a noncharitable trust that is required to b

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(a) When vacancy occurs.--A vacancy in a trusteeship occurs if:

(1) a person designated as trustee rejects the trusteeship;

(2) a person designated as trustee cannot be identified or does not exist;

(3) a trustee resigns;

(4) a trustee is disqualified or removed;

(5) a trustee dies; or

(6) a trustee is determined by the court to be incapacitated pursuant to section 5511 (relating to petition and hearing; independent evaluation).

(b) Filling of vacancy.--A vacancy in a trusteeship need not be filled if one or more cotrustees remain in office and the terms of the trust do not require that it be filled. A vacancy shall be filled if the trust has no remaining trustee.

(c) Filling vacancy for noncharitable trust.--A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority:

(1) by a person designated in or pursuant to the terms of the trust to act as successor trustee;

(2) by a person appointed by unanimous written agreement of the qualified beneficiaries; or

(3) by a person appointed by the court.

(d) Filling vacancy for charitable trust.--A vacancy in a trusteeship of a charitable trust that is required to be filled shall be filled in the following order of priority:

(1) by a person designated in or pursuant to the terms of the trust to act as successor trustee;

(2) by a person selected by unanimous written agreement of the qualified beneficiaries if the Office of Attorney General concurs in the selection; or

(3) by a person appointed by the court.

(e) Appointment by court.--Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary if the court considers the appointment desirable for the administration of the trust.

(f) Filing appointment.--An appointment of a trustee and an acceptance of an appointment of a trustee may be filed with the clerk of court having jurisdiction over the trust.

Pennsylvania § 7764 (Vacancy in trusteeship; appointment of successor - UTC 704) — 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 subsecs. (b), (c)(1) and (d)(1). See section 11 of Act 64 in the appendix to this title for special provisions relating to Uniform Trust Code. Cross References.Section 7764 is referred to in sections 7708, 7780.27 of this title.