Chapter 45, Article 2, Part 11 NMSA 1978 [45-2-1101 to 45-2-1116 NMSA 1978] may be cited as the “Uniform Disclaimer of Property Interests Act”. History: Laws 2001, ch. 290, § 1; 1978 Comp., § 46-10-1 recompiled and amended as § 45-2-1101 NMSA 1978 by Laws 2011, ch. 124, § 89. ANNOTATIONS Recompilations. — Laws 1993, […]
As used in the Uniform Disclaimer of Property Interests Act: A. “disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made; B. “disclaimed interest” means the interest that would have passed to the disclaimant had the disclaimer not been made; C. “disclaimer” means the refusal […]
The Uniform Disclaimer of Property Interests Act applies to disclaimers of any interest in or power over property, whenever created. History: Laws 2001, ch. 290, § 3; 1978 Comp., § 46-10-3 recompiled as § 45-2-1103 by Laws 2011, ch. 124, § 101. ANNOTATIONS Recompilations. — Laws 2011, ch. 124, § 101 recompiled former 46-10-3 NMSA […]
A. Unless displaced by a provision of the Uniform Disclaimer of Property Interests Act, the principles of law and equity supplement that act. B. The Uniform Disclaimer of Property Interests Act does not limit any right of a person to waive, release, disclaim or renounce an interest in or power over property under a law […]
A. A person may disclaim, in whole or part, any interest in or power over property, including a power of appointment. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim. B. Except to […]
A. As used 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; and (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 […]
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 […]
If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property. History: Laws 2001, ch. 290, § 8; 1978 Comp., § 46-10-8 recompiled as § 45-2-1108 by Laws 2011, ch. 124, § 101. ANNOTATIONS Recompilations. — Laws 2011, ch. 124, § 101 recompiled former […]
If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply: A. If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. B. If the holder has exercised the power and the […]
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 […]
A. If a fiduciary disclaims a power held in a fiduciary capacity that 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 that has been exercised, the disclaimer takes effect immediately after the […]
A. As used 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; […]
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 […]
Notwithstanding any other provision of the Uniform Disclaimer of Property Interests Act, 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, […]
If an instrument transferring an interest in or power over property subject to a disclaimer is required or permitted by law to be filed, recorded or registered, the disclaimer may be so filed, recorded or registered. Except as otherwise provided in Paragraph (2) of Subsection G of Section 45-2-1112 NMSA 1978, failure to file, record […]
Except as otherwise provided in Section 13 [45-2-1113 NMSA 1978] of the Uniform Disclaimer of Property Interests Act, an interest in or power over property existing on the effective date of that act as to which the time for delivering or filing a disclaimer under law superseded by that act has not expired may be […]
