14-10006

14-10006. Disclaimer of interest in property;
definitions

A. Except for a disclaimer governed by section 14-10007 or 14-10008, the following
rules apply to a disclaimer of an interest in property:

1. The disclaimer takes effect as of the time the instrument creating the interest
becomes irrevocable or, if the interest arose under the laws of intestate succession, as
of the time of the intestate's death.

2. The disclaimed interest passes according to any provision in the instrument
creating the interest providing for the disposition of the interest, should it be
disclaimed, or of disclaimed interests in general.

3. If the instrument does not contain a provision described in paragraph 2 of this
subsection:

(a) If the disclaimant is an individual, the disclaimed interest passes as if the
disclaimant had died immediately before the time of distribution. However, if, by law or
under the instrument, the descendants of the disclaimant would share in the disclaimed
interest by any method of representation had the disclaimant died before the time of
distribution, the disclaimed interest passes only to the descendants of the disclaimant
who survive the time of distribution.

(b) If the disclaimant is not an individual, the disclaimed interest passes as if
the disclaimant did not exist.

4. On the disclaimer of a preceding interest, a future interest held by a person
other than the disclaimant takes effect as if the disclaimant had died or ceased to exist
immediately before the time of distribution, but a future interest held by the
disclaimant is not accelerated in possession or enjoyment.

B. For the purposes of 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 possession or enjoyment.