A person having a present interest in personal property, or in the proceeds of the conversion of real estate, which is not in trust, and which is subject to a future interest, shall be deemed to be a trustee of such property, and not a debtor to the remainderman, with the ordinary powers and duties of a trustee, except that he shall not be required to change the form of the investment to an investment authorized for Pennsylvania fiduciaries, nor shall he be entitled to compensation as trustee. Such person, unless given a power of consumption or excused from entering security by the terms of the conveyance, shall be required to enter such security for the protection of persons entitled to the future interests as the court in its discretion shall direct. If a person having a present interest shall not enter security as directed, the court shall appoint a trustee who shall enter such security as the court shall direct, and who shall exercise all the ordinary powers and duties of a trustee, except that he shall not be required to change the form of the investment to an investment authorized for Pennsylvania fiduciaries.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Section 6102 - Termination of trusts (Deleted by amendment)
Section 6103 - Release or disclaimer of powers or interests (Repealed)
Section 6103.1 - Release of powers and interests and disclaimer of powers
Section 6104 - Rule against perpetuities
Section 6105 - Rule against perpetuities; disposition when invalidity occurs
Section 6106 - Income accumulations; when valid
Section 6107 - Income accumulations; disposition when invalidity occurs
Section 6107.1 - Applicability of rule against perpetuities
Section 6108 - Designation of beneficiaries of insurance or employee death benefits not testamentary
Section 6109 - Combination of charitable trusts (Repealed)
Section 6110 - Administration of charitable interests (Deleted by amendment)
Section 6111 - Conveyances to defeat marital rights (Repealed)
Section 6111.1 - Modification by divorce or pending divorce
Section 6111.2 - Effect of divorce or pending divorce on designation of beneficiaries
Section 6112 - Spendthrift trusts (Deleted by amendment)
Section 6113 - Limited estates in personalty and in the proceeds of the conversion of real estate
Section 6114 - Rules of interpretation
Section 6115 - Estates pur autre vie
Section 6116 - Estates in fee tail abolished
Section 6117 - Rule in Shelley's case and doctrine of worthier title