PRINTER'S NO. 3622
No. 2692 Session of 1978
INTRODUCED BY ITKIN AND POTT, SEPTEMBER 11, 1978
REFERRED TO COMMITTEE ON JUDICIARY, SEPTEMBER 11, 1978
AN ACT
1 Amending Title 20 (Decedents, Estates and Fiduciaries) of the
2 Pennsylvania Consolidated Statutes, increasing certain
3 interest rates.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Section 3543 of Title 20, act of November 25,
7 1970 (P.L.707, No.230), known as the Pennsylvania Consolidated
8 Statutes, is amended to read:
9 § 3543. Interest or income on distributive shares.
10 (a) Pecuniary legacy.--A pecuniary legacy bequeathed in
11 trust shall bear interest at the rate of [3%] 5.25% per annum
12 from the death of the decedent until the payment of the legacy,
13 and when not in trust shall bear interest at the rate of [3%]
14 5.25% per annum from one year after the death of the decedent
15 until the payment of the legacy.
16 (b) Specific legacy or devise.--A specific legatee or
17 devisee shall be entitled to the net income from property given
18 to him accrued from the date of the death of the decedent.
19 (c) Demonstrative legacy.--A demonstrative legacy shall bear
1 interest from the death of the decedent until the payment of the
2 legacy at the rate earned by the property out of which it is
3 primarily payable, and to the extent that it is not paid from
4 that source, shall bear interest at the rate of [3%] 5.25% per
5 annum from one year after the death of the decedent until the
6 payment of the legacy.
7 (d) Residuary legacy or devise.--All income from real and
8 personal estate earned during the period of administration and
9 not payable to others shall be distributed pro rata among the
10 income beneficiaries of any trust created out of the residuary
11 estate and the other persons entitled to the residuary estate.
12 (e) Future date.--A legacy payable at a future date, unless
13 earlier set aside as a separate trust, shall not begin to bear
14 interest or income until three months after the date fixed for
15 payment or delivery.
16 (f) Relationship.--Interest or income shall be paid on
17 distributive shares with no distinction because of the
18 relationship of the distributee to the decedent.
19 (g) Testamentary provisions.--All rules set forth in this
20 section are subject to the provisions of the decedent's will.
21 Section 2. This act shall take effect in 60 days.
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