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G-4.0202 Decisions Concerning Property The provisions of this Constitution prescribing the manner in which decisions are made, reviewed, and corrected within this church are applicable to all matters pertaining to property. G-4.0203 Church Property Held in Trust All property held by or for a congregation, a presbytery, a synod, the General Assembly, or the Presbyterian Church (U.S.A.), whether legal title is lodged in a corporation, a trustee or trustees, or an unincorporated association, and whether the property is used in programs of a congregation or of a higher council or retained for the production of income, is held in trust nevertheless for the use and benefit of the Presbyterian Church (U.S.A.). G-4.0204 Property Used Contrary to the Constitution Whenever property of, or held for, a congregation of the Presbyterian Church (U.S.A.) ceases to be used by that congregation as a congregation of the Presbyterian Church (U.S.A.) in accordance with this Constitution, such property shall be held, used, applied, transferred, or sold as provided by the presbytery. G-4.0205 Property of a Dissolved or Extinct Congregation Whenever a congregation is formally dissolved by the presbytery, or has become extinct by reason of the dispersal of its members, the abandonment of its work, or other cause, such property as it may have shall be held, used, and applied for such uses, purposes, and trusts as the presbytery may direct, limit, and appoint, or such property may be sold or disposed of as the presbytery may direct, in conformity with the Constitution of the Presbyterian Church (U.S.A.). G-4.0206 Selling, Encumbering, or Leasing Church Property a. Selling or Encumbering Congregational Property A congregation shall not sell, mortgage, or otherwise encumber any of its real property and it shall not acquire real property subject to an encumbrance or condition without the written permission of the presbytery transmitted through the session of the congregation. b. Leasing Congregational Property A congregation shall not lease its real property used for purposes of worship, or lease for more than five years any of its other real property, without the written permission of the presbytery transmitted through the session of the congregation. G-4.0207 Property of Congregation in Schism The relationship to the Presbyterian Church (U.S.A.) of a congregation can be severed only by constitutional action on the part of the presbytery (G-3.0303b). If there is a schism within the membership of a congregation and the presbytery is unable to effect a reconciliation or a division into separate congregations within the Presbyterian Church (U.S.A.), the presbytery shall determine if one of the factions is entitled to the property because it is identified by the presbytery as the true church within the Presbyterian Church (U.S.A.). This determination does not depend upon which faction received the majority vote within the congregation at the time of the schism. G-4.0208 Exceptions The provisions of this chapter shall apply to all congregations of the Presbyterian Church (U.S.A.) except that any congregation which was not subject to a similar provision of the constitution of the church of which it was a part, prior to the reunion of the Presbyterian Church in the United States and The United Presbyterian Church in the United States of America to form the Presbyterian Church (U.S.A.), has been excused from that provision of this chapter if the congregation, within a period of eight years following the establishment of the Presbyterian Church (U.S.A.), voted to be exempt from such provision in a regularly called meeting and thereafter notified the presbytery of which it was a constituent congregation of such vote. The congregation voting to be so exempt shall hold title to its property and exercise its privileges of incorporation and property ownership under the provisions of the Constitution to which it was subject immediately prior to the establishment of the Presbyterian Church (U.S.A.). This paragraph may not be amended (G-6.05).
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Note that the local congregation had to exclude itself from the 'trust' clause within eight years of the formation of the PC/USA. Also note that the PC/USA has set itself up as both the benefactor and the executor of the trust. This seems to be in conflict with most law concerning trusts, but to my knowledge, no one has attacked this from a legal angle.. (Just another thought to toss at some legal beagle... )
My hometown church has already left PC(USA) and joined the Evangelical Presbyterian Church, and so now PC(USA) is turning loose its attack dogs and demanding a large cash payment, or else the keys to the church building and the pastor's manse. He's got some smart but inexperienced people helping him and there are going to be some negotiations since the congregation can hardly afford what PC (USA) wants, and so I have no idea how this is going to play out. I sent him everything that has been said here, along with the associated web links, and so we will be making a difference in this case.
My warmest thanks to everybody who responded on this thread!