9502 - Creation, status and termination of business trusts. - Pennsylvania Statutes

§ 9502. Creation, status and termination of business trusts. (a) Creation.--A business trust may be created in real or personal property, or both, with power in the trustee: (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)