Pennsylvania Act 1901-233 — PURCHASE MONEY RESULTING TRUSTS REGULATED

Act text

PURCHASE MONEY RESULTING TRUSTS REGULATED
                  Act of Jun. 4, 1901, P.L. 425, No. 233              Cl. 68
                                  AN ACT

     Regulating trusts arising from the payment of the purchase money
        of land by one person, and the taking of the legal title in
        the name of another.

        Section 1.  Be it enacted, &c., That whenever hereafter a
     resulting trust shall arise with respect to real property, by
     reason of the payment of the purchase money by one person, and
     the taking or making of the legal title in the name of another,
     if the person advancing the purchase money has the capacity to
     contract, such resulting trusts shall be void and of none effect
     as to bona fide judgment or other creditors, or mortgagees of
     the holder of the legal title, or purchasers from such holder
     without notice unless either (1) a declaration of trust in
     writing has been executed and acknowledged by the holder of the
     legal title, and recorded in the recorder's office of the county
     where the land is situated, or (2) unless an action of ejectment
     has been begun, in the proper county, by the person advancing
     the money, against the holder of the legal title.
        Section 2.  (2 repealed Oct. 31, 1985, P.L.264, No.66)
        Section 3.  All acts or parts of acts inconsistent herewith
     are hereby repealed.