§ 31-7-111. Disclaimer of Power Held in Fiduciary Capacity
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. If a fiduciary disclaims a power held in a fiduciary capacity which has been exercised, the disclaimer takes effect immediately after the last exercise […]
§ 31-7-112. Delivery or Filing
As used in this section, “beneficiary designation” means an instrument, other than an instrument creating a trust, naming the beneficiary of: An annuity or insurance policy; An account with a designation for payment on death; A security registered in beneficiary form; A pension, profit-sharing, retirement, or other employment-related benefit plan; or Any other nonprobate transfer […]
§ 31-7-113. When Disclaimer Barred or Limited
A disclaimer is barred by a written waiver of the right to disclaim. A disclaimer of an interest in property is barred if any of the following events occur before the disclaimer becomes effective: The disclaimant accepts the interest sought to be disclaimed; The disclaimant voluntarily assigns, conveys, encumbers, pledges, or transfers the interest sought […]
§ 31-7-114. Tax Qualified Customer
Notwithstanding this chapter, if as a result of a disclaimer or transfer the disclaimed or transferred interest is treated pursuant to 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 to the disclaimant, then the disclaimer or […]
§ 31-7-115. Recording of Disclaimer
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 § 31-7-112(g)(2), failure to file, record, or register the disclaimer does not affect its […]
§ 31-7-116. Application to Existing Relationships
Except as otherwise provided in § 31-7-113, an interest in or power over property existing on May 10, 2019 as to which the time for delivering or filing a disclaimer under law superseded by this chapter has not expired may be disclaimed after May 10, 2019.
§ 31-7-117. Severability Clause
If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that end the provisions of this chapter are declared to be severable.
§ 31-7-106. Disclaimer of Interests in Property
As used in this section: “Future interest” means an interest that takes effect in possession or enjoyment, if at all, later than the time of its creation; and “Time of distribution” means the time when a disclaimed interest would have taken effect in possession or enjoyment. Except for a disclaimer governed by § 31-7-107 or […]
§ 31-7-107. Disclaimer of Rights of Survivorship in Jointly Held Property
Upon the death of a holder of jointly held property, a surviving holder may disclaim, in whole or part, the greater of: A fractional share of the property determined by dividing the number one (1) by the number of joint holders alive immediately before the death of the holder to whose death the disclaimer relates; […]
§ 31-7-108. 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.