Section 563-B:1 – Short Title.
563-B:1 Short Title. – This chapter may be cited as the "Uniform Disclaimer of Property Interests Act." Source. 2021, 206:2, Pt. VI, Sec. 10, eff. Aug. 10, 2021.
Section 563-B:10 – Disclaimer of Power Held in Fiduciary Capacity.
563-B:10 Disclaimer of Power Held in Fiduciary Capacity. – (a) 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. (b) If a fiduciary disclaims a power held in a fiduciary capacity which […]
Section 563-B:11 – Delivery or Filing.
563-B:11 Delivery or Filing. – (a) 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, […]
Section 563-B:12 – When Disclaimer Barred or Limited.
563-B:12 When Disclaimer Barred or Limited. – (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) […]
Section 563-B:13 – Tax Qualified Disclaimer.
563-B:13 Tax Qualified Disclaimer. – Notwithstanding any other provision of this chapter, 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 […]
Section 563-B:14 – Recording of Disclaimer.
563-B:14 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 Article 11(g)(2), failure to file, record, or register […]
Section 563-B:15 – Application to Existing Relationships.
563-B:15 Application to Existing Relationships. – Except as otherwise provided in Article 12, an interest in or power over property existing on the effective date of this chapter as to which the time for delivering or filing a disclaimer under law superseded by this chapter has not expired may be disclaimed after the effective […]
Section 563-B:16 – Supplemented by Other Law.
563-B:16 Supplemented by Other Law. – (a) Unless displaced by a provision of this chapter, the principles of law and equity supplement this chapter. (b) 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 […]
Section 563-B:17 – Uniformity of Application and Construction.
563-B:17 Uniformity of Application and Construction. – In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source. 2021, 206:2, Pt. VI, Sec. 10, eff. Aug. 10, 2021.
Section 563-B:2 – Application.
563-B:2 Application. – This chapter applies to disclaimers of any interest in or power over property, whenever created. Source. 2021, 206:2, Pt. VI, Sec. 10, eff. Aug. 10, 2021.
Section 563-B:3 – Definitions.
563-B:3 Definitions. – For purpose of this chapter, the following definitions shall apply: (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 […]
Section 563-B:4 – Power to Disclaim; General requirements; When Irrevocable.
563-B:4 Power to Disclaim; General requirements; When Irrevocable. – (a) Power to Disclaim. (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 […]
Section 563-B:5 – Disclaimer of Interest in Property.
563-B:5 Disclaimer of Interest in Property. – (a) 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. (2) " Time of distribution " means the time when a disclaimed interest would have taken effect in […]
Section 563-B:6 – Disclaimer of Rights of Survivorship in Jointly Held Property.
563-B:6 Disclaimer of Rights of Survivorship in Jointly Held Property. – (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 […]
Section 563-B:7 – Disclaimer of Interest by Trustee.
563-B:7 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. Source. 2021, 206:2, Pt. VI, Sec. 10, eff. Aug. 10, 2021.
Section 563-B:8 – Disclaimer of Power of Appointment or Other Power Not Held in a Fiduciary Capacity.
563-B:8 Disclaimer of Power of Appointment or Other Power Not Held in a Fiduciary Capacity. – 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 […]
Section 563-B:9 – Disclaimer by Appointee, Object, or Taker in Default of Exercise of Power of Appointment.
563-B:9 Disclaimer by Appointee, Object, or Taker in Default of Exercise of Power of Appointment. – (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 […]