§ 31-7-101. Short Title
This chapter shall be known and may be cited as the “Tennessee Disclaimer of Property Interests Act.”
§ 31-7-102. Definitions
As used in this chapter, unless the context otherwise requires: “Disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made; “Disclaimed interest” means the interest that would have passed to the disclaimant had the disclaimer not been made; “Disclaimer” means the refusal to accept an […]
§ 31-7-103. Scope
This chapter applies to disclaimers of any interest in or power over property, whenever created.
§ 31-7-104. Disclaimer Act Supplement by Other Law
Unless displaced by this chapter, the principles of law and equity supplement this chapter. This chapter does not limit any right of a person to waive, release, disclaim, or renounce an interest in or power over property under a law other than this chapter.
§ 31-7-105. Power to Disclaim — General Requirements — When Irrevocable
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. Except to the extent […]
§ 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.
§ 31-7-109. Disclaimer of Power of Appointment Not Held in a Fiduciary Capacity or Other Power Not Held in a Fiduciary Capacity
If a holder disclaims a power of appointment not held in a fiduciary capacity or other power not held in a fiduciary capacity, the following rules apply: If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable; If the holder has exercised […]
§ 31-7-110. Disclaimer by Appointee, Object, or Taker in Default of Exercise of Power of Appointment
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. A disclaimer of an interest in property by a permissible appointee or taker in default of an exercise of a power of appointment […]
§ 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.