5550 - Devises, bequests and gifts after certain fundamental changes.
§ 5550. Devises, bequests and gifts after certain fundamental changes. A devise, bequest or gift to be effective in the future, in trust or otherwise, to or for a nonprofit corporation which has: (1) changed its purposes; (2) sold, leased away or exchanged all or substantially all its property and assets; (3) been converted into a business corporation; (4) become a party to a consolidation or a division; (5) become a party to a merger which it did not survive; or (6) been dissolved; after the execution of the document containing such devise, bequest or gift shall be effective only as a court having jurisdiction over the assets may order under the Estates Act of 1947 or other applicable provisions of law. References in Text. The Estates Act of 1947, referred to in section 5550, was repealed June 30, 1972, P.L.508, No.164, effective July 1, 1972. The subject matter is now contained in Chapter 61 of Title 20 (Decedents, Estates and Fiduciaries). Cross References. Section 5550 is referred to in section 5929 of this title.