61 Pa. Code § 91.101 - Definitions
The following words and terms, when used in this chapter, have the following meanings:
Child-A son or daughter by either natural birth or adoption. The term does not include:
Conservancy-An entity which possesses a tax exempt status under section 501(c)(3) of the Internal Revenue Code ( 26 U.S.C.A. § 501(c)(3) ) and which has as its primary purpose, the preservation of land for historic, recreational, scenic, agricultural or open space opportunities.
Conversion-A change of an entity's:
Corporation-A corporation, joint-stock association, limited liability company, business trust or banking institution which is organized under the laws of the Commonwealth, the United States or any other state, territory or foreign country or dependency.
Debt-A legally enforceable obligation arising out of a genuine debtor-creditor relationship to pay a fixed or determinable sum of money at a future date.
Document-A deed, quitclaim deed, ground rent, lease, occupancy agreement, contract or other writing evidencing an interest in realty other than:
Entity-An association or corporation.
Family farm realty-One of the following:
Financing transaction-An arrangement in which the following apply:
Living trust-An ordinary trust:
Example 1. If a trust agreement provides that the income of the trust is distributable one-half to the settlor and one-half to another person, at least annually, the trust is not a living trust because income of the trust is required to be transferred to someone other than the settlor in the capacity as a beneficiary during the settlor's lifetime.
Example 2. If a trust agreement provides that during the settlor's lifetime, the trustee may in the trustee's sole and absolute discretion, make distributions to members of the settlor's family (or other persons), the trust does not qualify as a living trust because someone other than the settlor can receive trust corpus or income without the settlor's consent prior to the settlor's death.
Example 3. If a trust agreement provides that during the settlor's lifetime, the trustee, solely at the direction of the settlor, may transfer trust corpus or income to a person other than the settlor, the provision will not in itself disqualify the trust as a living trust. Because the trustee has the authority to distribute trust corpus or income to someone other than the settlor only at the settlor's direction, effectively the settlor is making the transfer. Thus, the settlor is the party who is reaching and materially affecting the trust corpus or income. Further, the transfer is not made to the other person in the capacity as a trust beneficiary.
Settlor-One who creates and furnishes the consideration for the creation of a trust by the transfer of property to the trust.
Testamentary trust-A private trust that is established by will or takes effect only at or after the death of the settlor.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.