Pennsylvania § 7503 - Application of chapter.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 7503 — Application of chapter., with citation guidance and answers to common questions.
§ 7503. Application of chapter.
(a) General rule.--This chapter shall apply to:
(1) Any trust created under a governing instrument executed on or after March 21, 1999, unless the governing instrument expressly provides that this chapter does not apply.
(2) Any trust created under a governing instrument executed before March 21, 1999, unless all interested parties affirmatively elect on or before December 21, 2001, by a written declaration signed by or on behalf of each interested party and delivered to the trustee, not to be subject to the application of this chapter. In the case of a testamentary trust, the declarations shall be filed with the register in the county in which the will was admitted to probate.
(b) Exclusion.--This chapter shall not apply to:
(1) Any trust during the time that the trust is revocable or amendable by its settlor.
(2) A spouse of a decedent or settlor where the spouse is the trustee of a testamentary or inter vivos trust for which a marital deduction has been allowed.
(3) (Deleted by amendment).
(4) A trust under a governing instrument that by specific reference expressly rejects the application of this chapter.
(5) (Deleted by amendment).
(July 7, 2006, P.L.625, No.98, eff. 60 days)
2006 Amendment. Act 98 amended subsec. (b).
Cross References. Section 7503 is referred to in section 7502 of this title.
Frequently Asked Questions About Pennsylvania § 7503
What does Pennsylvania Consolidated Statutes § 7503 cover?
Section 7503 ("Application of chapter.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 7503?
A common citation format is "Pennsylvania Consolidated Statutes § 7503" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 7503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.