§ 7603. Contract to exercise power.
120 words·~1 min read·
/pa/title-20/chapter-76/7603A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 7603. Contract to exercise power.
(a)Contract prohibited.-- Unless the donor and donee are the same person, the donee of a power of appointment that is not presently exercisable may not contract to exercise the power.
(b)Actions for recovery.-- A prohibited contract under subsection (a), if made, may not be the basis of an action for specific performance or damages, but the promisee can obtain restitution from the donee of the value given for the promise, unless the donee has exercised the power pursuant to the contract.
(c)No limitation on disclaimer or release.-- This section does not limit the power of a donee to disclaim or release a power of appointment in whole or in part.
20c7604s