PENNSYLVANIA CONSOLIDATED STATUTES

Title 20; DECEDENTS, ESTATES AND FIDUCIARIES

CHAPTER 71. TRUST ESTATES

Subchapter A. Appointment Of Trustees.
Subchapter B. Bond Of Trustees.
Subchapter C. Removal And Discharge.
Subchapter D. Powers, Duties And Liabilities.
Subchapter E. Sales, Pledges, Mortgages, Leases, Options And Exchanges.
Subchapter F. Accounts, Audits, Reviews And Distributions.
Subchapter G. Separation And Combination Of Trusts

§ 7141. Power to sell,
§ 7142. Power to lease.
§ 7143. Title of purchaser.
§ 7144. Reports for school district trustees.
§ 7145. Jurisdiction.

§ 7141. Power to sell.

Except as otherwise provided by the trust instrument, the trustee, for any purpose of administration or distribution, may sell, at public or private sale, any real or personal property of the trust. When the trustee has been required to give bond, no proceeds of real estate shall be paid to him until the court has made an order excusing him from entering additional security or requiring additional security, and in the latter event, only after he has entered the additional security.

§ 7142. Power to lease.

Except as otherwise provided by the trust instrument, the trustee may lease any real or personal property of the trust for a term not exceeding five years after its execution, unless a longer term is approved by the court.

§ 7143. Title of purchaser.

If the trustee has given such bond, if any, as shall be required in accordance with this title, any sale, pledge, mortgage, or exchange by a trustee, whether pursuant to a decree or to the exercise of a power conferred by the trust instrument or of a power under this title, shall pass the full title of the trust therein, unless otherwise specified. Persons dealing with the trustee shall have no obligation to see to the proper application of the cash or other assets given in exchange for the property of the trust. Any sale or exchange by a trustee pursuant to a decree under section 3353 (relating to order of court) shall have the effect of a judicial sale as to the discharge of liens, but the court may decree a sale or exchange freed and discharged from the lien of any mortgage otherwise preserved from discharge by existing law, if the holder of such mortgage shall consent by writing filed in the proceeding. No such sale, mortgage, exchange, or conveyance shall be prejudiced by the subsequent dismissal of the trustee nor shall any such sale, mortgage, exchange, or conveyance by a testamentary trustee be prejudiced by the terms of any will or codicil thereafter probated, if the person dealing with the trustee did so in good faith.

§ 7144. Reports for school district trustees.

(a) Scope.-This section applies if a school district is a trustee of land in accordance with all of the following:

1. The land is held for the benefit of the public.
2. The land is not used directly for school purposes.

(b) Requirement.-

1. By January 30, the school district shall prepare a report for the prior year concerning the trust.
2. The report shall detail all of the following:
   1. Revenues generated.
   2. Expenses incurred.
   3. Balance of funds held by the school district as trustee.
   4. A statement regarding the activities taken by the trustee during the prior year to advance the purposes of the trust.
3. The report must be certified as correct by the district superintendent.
4. The report shall be made public as follows:
   1. The report shall be published in 14-point type in a newspaper of general circulation in each county in which the land is located.
   2. The report shall be available during business hours for inspection and copying at the office of the district superintendent. A reasonable fee may be charged for copying.

§ 7145. Jurisdiction.

Notwithstanding 42 Pa.C.S. § 931 (relating to original jurisdiction and venue), jurisdiction over an action involving land referred to in section 7144 (relating to reports for school district trustees) shall be vested in the court of common pleas in the judicial district where:

1. all of the land is located; or
2. more than 50 ‰ of the land is located.

SUBCHAPTER F. ACCOUNTS, AUDITS, REVIEWS AND DISTRIBUTIONS.
SUBCHAPTER G. SEPARATION AND COMBINATION OF TRUSTS.

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