Section 105.623 – Short title.
ORS 105.623 to 105.649 may be cited as the Uniform Disclaimer of Property Interests Act. [2001 c.245 §1]
Section 105.624 – Definitions for ORS 105.623 to 105.649.
As used in ORS 105.623 to 105.649: (1) “Disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made. (2) “Disclaimed interest” means the interest that would have passed to the disclaimant had the disclaimer not been made. (3) “Disclaimer” means the refusal to accept an […]
Section 105.626 – Scope.
ORS 105.623 to 105.649 apply to disclaimers of any interest in or power over property without regard to when the interest or power that is disclaimed was created. [2001 c.245 §3]
Section 105.628 – Effect on other law.
(1) Unless displaced by a provision of ORS 105.623 to 105.649, the principles of law and equity supplement ORS 105.623 to 105.649. (2) ORS 105.623 to 105.649 do not limit any right of a person to waive, release, disclaim or renounce an interest in property, or power over property, under a law other than ORS […]
Section 105.629 – Power to disclaim; general requirements; when irrevocable.
(1) A person may disclaim, in whole or part, any interest in property or any power over property, including a power of appointment. A person may disclaim the interest or power even if the person who created the interest or power imposed a spendthrift provision or similar restriction on transfer or imposed a restriction or […]
Section 105.633 – Disclaimer of interest in property.
(1) For the purposes of this section: (a) “Time of distribution” means the time when a disclaimed interest would have taken effect through possession or enjoyment. (b) “Future interest” means an interest that takes effect through possession or enjoyment, if at all, at a time later than the time that the interest is created. (2) […]
Section 105.634 – Disclaimer of rights of survivorship in jointly held property.
(1) Upon the death of a holder of jointly held property, a surviving holder may disclaim, in whole or part, the greater of: (a) 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 […]
Section 105.636 – 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. [2001 c.245 §8]
Section 105.638 – 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 […]
Section 105.639 – Disclaimer by appointee, object or taker in default of exercise of power of appointment.
(1) 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. (2) A disclaimer of an interest in property by a person who is an object of an exercise of a power of […]
Section 105.641 – Disclaimer of power held in fiduciary capacity.
(1) 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. (2) If a fiduciary disclaims a power held in a fiduciary capacity that has been exercised, the disclaimer takes effect immediately after the […]
Section 105.642 – Delivery or filing.
(1) As used in this section, “beneficiary designation” means an instrument, other than an instrument creating a trust, naming the beneficiary of: (a) An annuity or insurance policy; (b) An account with a designation for payment on death; (c) A security registered in beneficiary form; (d) A pension, profit-sharing, retirement or other employment-related benefit plan; […]
Section 105.643 – When disclaimer barred or limited.
(1) A disclaimer is barred by a written waiver of the right to disclaim. (2) A disclaimer of an interest in property is barred if any of the following events occurs before the disclaimer becomes effective: (a) The disclaimant accepts the interest sought to be disclaimed; (b) The disclaimant voluntarily assigns, conveys, encumbers, pledges or […]
Section 105.645 – Tax qualified disclaimer.
Notwithstanding any other provision of ORS 105.623 to 105.649, if as a result of a disclaimer or transfer the disclaimed or transferred interest is treated pursuant to the provisions of the Internal Revenue Code and the regulations promulgated under that code, as in effect on December 31, 2010, as never having been transferred to the […]
Section 105.646 – Recording of disclaimer.
If an instrument transferring an interest in property or a power over property that is 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. Failure to file, record or register the disclaimer does not affect the validity of the […]
Section 105.647 – Application to existing relationships.
Except as otherwise provided in ORS 105.643, an interest in property or power over property existing on January 1, 2002, may be disclaimed in the manner provided by ORS 105.623 to 105.649 after January 1, 2002, unless the time for delivering or filing a disclaimer had expired under law in effect immediately before January 1, […]
Section 105.648 – Effect on recovery of money or property under ORS 411.620.
ORS 105.623 to 105.649 do not allow any person to disclaim an interest in property, including any jointly held property, if the purpose or effect of the disclaimer is to prevent recovery of money or property under ORS 411.620. [2001 c.245 §17]
Section 105.649 – Uniformity of application and construction.
In applying and construing ORS 105.623 to 105.649, consideration must be given to the need to promote uniformity of the law with respect to disclaimers among states that enact versions of the Uniform Disclaimer of Property Interests Act. [2001 c.245 §18]