Section 7503 - Application of chapter(a) General rule.--This chapter shall apply to: (1) Any trust created under a governing instrument executed on or after March 21, 1999, unless the governing instrument expressly provides that this chapter does not apply.(2) Any trust created under a governing instrument executed before March 21, 1999, unless all interested parties affirmatively elect on or before December 21, 2001 by a written declaration signed by or on behalf of each interested party and delivered to the trustee, not to be subject to the application of this chapter. In the case of a testamentary trust, the declarations shall be filed with the register in the county in which the will was admitted to probate.(b) Exclusion.--This chapter shall not apply to: (1) Any trust during the time that the trust is revocable or amendable by its settlor.(2) A spouse of a decedent or settlor where the spouse is the trustee of a testamentary or inter vivos trust for which a marital deduction has been allowed.(3) Deleted by 2006, July 7, P.L. 625, No. 98, § 6, effective in 60 days [Sept. 5, 2006].(4) A trust under a governing instrument that by specific reference expressly rejects the application of this chapter.(5) Deleted by 2006, July 7, P.L. 625, No. 98, § 6, effective in 60 days [Sept. 5, 2006].1998, Dec. 21, P.L. 1067, No. 141, §2, imd. effective. Amended 2006, July 7, P.L. 625, No. 98, §6, effective in 60 days [ 9/5/2006].