§ 28-2-206. Disclaimer of interest in property
(a) In this section: (1) “Future interest” means an interest that takes effect in possession or enjoyment, if at all, later than the time of its creation. (2) “Time of distribution” means the time when a disclaimed interest would have taken effect in possession or enjoyment. (b) Except for a disclaimer governed by § 28-2-207 […]
§ 28-2-207. Disclaimer of rights of survivorship in jointly held property
(a) Upon the death of a holder of jointly held property, a surviving holder may disclaim, in whole or part, the greater of: (1) a fractional share of the property determined by dividing the number one by the number of joint holders alive immediately before the death of the holder to whose death the disclaimer […]
§ 28-2-208. Disclaimer of interest by trustee
If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property.
§ 28-2-209. Disclaimer of power of appointment or other power not held in fiduciary capacity
If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply: (1) If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. (2) If the holder has exercised the power and the […]
§ 28-2-210. Disclaimer by appointee, object, or taker in default of exercise of power of appointment
(a) A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable. (b) A disclaimer of an interest in property by an object or taker in default of an exercise of a power of […]
§ 28-2-211. Disclaimer of power held in fiduciary capacity
(a) If a fiduciary disclaims a power held in a fiduciary capacity which has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. (b) If a fiduciary disclaims a power held in a fiduciary capacity which has been exercised, the disclaimer takes effect immediately after the […]
§ 28-2-212. Delivery or filing
(a) In this section, “beneficiary designation” means an instrument, other than an instrument creating a trust, naming the beneficiary of: (1) an annuity or insurance policy; (2) an account with a designation for payment on death; (3) a security registered in beneficiary form; (4) a pension, profit-sharing, retirement, or other employment-related benefit plan; or (5) […]
§ 28-2-213. When disclaimer barred or limited
(a) A disclaimer is barred by a written waiver of the right to disclaim. (b) A disclaimer of an interest in property is barred if any of the following events occur before the disclaimer becomes effective: (1) the disclaimant accepts the interest sought to be disclaimed; (2) the disclaimant voluntarily assigns, conveys, encumbers, pledges, or […]
§ 28-2-214. Tax-qualified disclaimer
Notwithstanding any other provision of this subchapter, if as a result of a disclaimer or transfer the disclaimed or transferred interest is treated pursuant to the provisions of Title 26 of the United States Code, as now or hereafter amended, or any successor statute thereto, and the regulations promulgated thereunder, as never having been transferred […]
§ 28-2-215. Disclaimer of interest in real property — Recording of disclaimer
(a) If real property or an interest therein is disclaimed, a copy of the disclaimer shall be recorded in the office of the circuit clerk of the county in which the property or interest disclaimed is located. (b) If an interest in or relating to real property is disclaimed and recorded as provided in this […]