Pennsylvania § 9502 - Creation, status and termination of business trusts.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 9502 — Creation, status and termination of business trusts., with citation guidance and answers to common questions.
§ 9502. Creation, status and termination of business trusts.
(a) Creation.-- Except as provided in the instrument, the trustee has the power:
(1) To receive title to, hold, buy, sell, exchange, transfer and convey real and personal property for the use of the business trust.
(2) To take, receive, invest or disburse the receipts, earnings, rents, profits or returns from the trust estate.
(3) To carry on and conduct any lawful business designated in the deed or other instrument of trust, and generally to do any lawful act in relation to such trust property that any individual owning the same absolutely might do.
(4) To merge with another business trust or other association, to divide or to engage in any other fundamental or other transaction contemplated by the deed or other instrument of trust.
(b) Term.--Except as otherwise provided in the instrument, a business trust shall have perpetual existence.
(c) Separate entity.--A business trust is a separate legal entity. Except as otherwise provided in the instrument, title to real and personal property may be held in the name of the trust, without in any manner diminishing the rights, powers and duties of the trustees as provided in subsection (a).
(d) Termination.--Except as otherwise provided in the instrument:
(1) The business trust may not be terminated, dissolved or revoked by a beneficial owner or other person.
(2) The death, incapacity, dissolution, termination or bankruptcy of a beneficial owner or a trustee shall not result in the termination, dissolution or revocation of the business trust.
(e) Contents of instrument.--The instrument may contain any provision for the regulation of the internal affairs of the business trust included in the instrument by the settlor, the trustee or the beneficiaries in accordance with the applicable procedures for the adoption or amendment of the instrument.
(Dec. 19, 1990, P.L.834, No.198, eff. imd.; June 22, 2001, P.L.418, No.34, eff. 60 days; Oct. 22, 2014, P.L.2640, No.172, eff. July 1, 2015)
2014 Amendment. Act 172 amended subsec. (a) intro. par.
Source: official Pennsylvania text · Last verified 2026-08-27
Frequently Asked Questions About Pennsylvania § 9502
What does Pennsylvania Consolidated Statutes § 9502 cover?
Section 9502 ("Creation, status and termination of business trusts.") 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 § 9502?
A common citation format is "Pennsylvania Consolidated Statutes § 9502" (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 § 9502 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.