20 Pa. C.S. § 7505

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 7505 - Joint powers and appointment of nondisqualified substituted trustees

If a governing instrument contains a power proscribed under section 7504 (relating to certain trustee powers not exercisable), the following shall apply:

(1) If the power is conferred on two or more trustees, it may be exercised by the trustee or trustees who are not so prohibited as if they were the only trustee or trustees.

(2) If there is no trustee in office who can exercise the power as provided in paragraph (1), the court, upon petition and hearing after such notice as it may direct, shall appoint a trustee who is not disqualified and whose term in office shall be as the court directs for the sole purpose of exercising the powers that the other trustees cannot exercise.

20 Pa.C.S. § 7505

1998, Dec. 21, P.L. 1067, No. 141, § 2, imd. effective.