14-10005. Power to disclaim; general
requirements; when irrevocable


A. A person may disclaim, in whole or in 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.


B. Except to the extent a fiduciary's right to disclaim is expressly restricted or
limited by another statute of this state or by the instrument creating the fiduciary
relationship, a fiduciary may disclaim, in whole or in part, any interest in or power
over property, including a power of appointment, whether acting in a personal or
representative capacity. A fiduciary may disclaim the interest or power even if its
creator imposed a spendthrift provision or similar restriction on transfer or restriction
or limitation on the right to disclaim, or if an instrument other than the instrument
that created the fiduciary relationship imposed a restriction or limitation on the right
to disclaim.


C. To be effective, a disclaimer must be in a writing or other record, declare the
disclaimer, describe the interest or power disclaimed, be signed by the person making the
disclaimer and be delivered or filed in the manner provided in section 14-10012. For the
purposes of this subsection:


1. "Record" means information that is inscribed on a tangible medium or that is
stored in an electronic or other medium and is retrievable in perceivable form.


2. "Signed" means, with present intent to authenticate or adopt a record, to
execute or adopt a tangible symbol or to attach to or logically associate with the record
an electronic sound, symbol or process.


D. A partial disclaimer may be expressed as a fraction, a percentage, a monetary
amount, a term of years, a limitation of a power or any other interest or estate in the
property.


E. A disclaimer becomes irrevocable when it is delivered or filed pursuant to
section 14-10012 or when it becomes effective as provided in sections 14-10006 through
14-10011, whichever occurs later.


F. A disclaimer made under this chapter is not a transfer, assignment or release.