NRS 120.100 – Short title.
This chapter may be cited as the Uniform Disclaimer of Property Interests Act (1999). (Added to NRS by 2007, 278)
NRS 120.110 – Definitions.
As used in this chapter, the words and terms defined in NRS 120.120 to 120.190, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2007, 278)
NRS 120.120 – “Disclaimant” defined.
“Disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made. (Added to NRS by 2007, 278)
NRS 120.130 – “Disclaimed interest” defined.
“Disclaimed interest” means the interest that would have passed to the disclaimant had the disclaimer not been made. (Added to NRS by 2007, 278)
NRS 120.140 – “Disclaimer” defined.
“Disclaimer” means the refusal to accept an interest in or power over property. (Added to NRS by 2007, 278)
NRS 120.150 – “Fiduciary” defined.
“Fiduciary” means a personal representative, trustee, agent acting under a power of attorney or other person authorized to act as a fiduciary with respect to the property of another person. (Added to NRS by 2007, 278)
NRS 120.160 – “Jointly held property” defined.
“Jointly held property” means property held in the name of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property. (Added to NRS by 2007, 278)
NRS 120.170 – “Person” defined.
“Person” means an individual, corporation, business trust, estate, trust, partnership, limited-liability company, association, joint venture, public corporation, government, governmental subdivision, agency or instrumentality, or any other legal or commercial entity. (Added to NRS by 2007, 278)
NRS 120.180 – “State” defined.
“State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band, or Alaskan native village, recognized by federal law or formally acknowledged by a state. […]
NRS 120.190 – “Trust” defined.
“Trust” means: 1. An express trust, charitable or noncharitable, with additions thereto, whenever and however created; and 2. A trust created pursuant to a statute, judgment or decree which requires the trust to be administered in the manner of an express trust. (Added to NRS by 2007, 279)
NRS 120.200 – Scope.
This chapter applies to disclaimers of any interest in or power over property, whenever created. (Added to NRS by 2007, 279)
NRS 120.210 – Chapter supplemented by other law.
1. Unless displaced by a provision of this chapter, the principles of law and equity supplement this chapter. 2. 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. (Added to NRS by 2007, 279)
NRS 120.220 – Power to disclaim; general requirements; when irrevocable.
1. 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. 2. Except to […]
NRS 120.230 – Disclaimer of interest in property.
1. Except for a disclaimer governed by NRS 120.240 or 120.250, the following rules apply to a disclaimer of an interest in property: (a) The disclaimer takes effect as of the time the instrument creating the interest becomes irrevocable or, if the interest arose under the law of intestate succession, as of the time of […]
NRS 120.240 – 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 1 by the number of joint holders alive immediately before the death of the holder to whose death the disclaimer […]
NRS 120.250 – 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. (Added to NRS by 2007, 280)
NRS 120.260 – 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 […]
NRS 120.270 – 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 an object or taker in default of an exercise of a power of […]
NRS 120.280 – Disclaimer of power held in fiduciary capacity.
1. 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. 2. If a fiduciary disclaims a power held in a fiduciary capacity which has been exercised, the disclaimer takes effect immediately after the […]
NRS 120.290 – Delivery or filing.
1. Subject to subsections 2 to 11, inclusive, delivery of a disclaimer may be effected by personal delivery, first-class mail or any other method likely to result in its receipt. 2. In the case of an interest created under the law of intestate succession or an interest created by will, other than an interest in […]