7503 - Application of chapter.
§ 7503. Application of chapter. (a) General rule.--This chapter shall apply to: (1) Any trust created under a governing instrument executed on or after March 21, 1999, unless the governing instrument expressly provides that this chapter does not apply. (2) Any trust created under a governing instrument executed before March 21, 1999, unless all interested parties affirmatively elect on or before December 21, 2001, by a written declaration signed by or on behalf of each interested party and delivered to the trustee, not to be subject to the application of this chapter. In the case of a testamentary trust, the declarations shall be filed with the register in the county in which the will was admitted to probate. (b) Exclusion.--This chapter shall not apply to: (1) Any trust during the time that the trust is revocable or amendable by its settlor. (2) A spouse of a decedent or settlor where the spouse is the trustee of a testamentary or inter vivos trust for which a marital deduction has been allowed. (3) (Deleted by amendment). (4) A trust under a governing instrument that by specific reference expressly rejects the application of this chapter. (5) (Deleted by amendment). (July 7, 2006, P.L.625, No.98, eff. 60 days) 2006 Amendment. Act 98 amended subsec. (b). Cross References. Section 7503 is referred to in section 7502 of this title.