Pennsylvania § 7761 - Accepting or declining trusteeship - UTC 701.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 7761 — Accepting or declining trusteeship - UTC 701., with citation guidance and answers to common questions.
§ 7761. Accepting or declining trusteeship - UTC 701.
(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.
(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 7780.27 of this title.
Frequently Asked Questions About Pennsylvania § 7761
What does Pennsylvania Consolidated Statutes § 7761 cover?
Section 7761 ("Accepting or declining trusteeship - UTC 701.") 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 § 7761?
A common citation format is "Pennsylvania Consolidated Statutes § 7761" (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 § 7761 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.