[§526-5]  Power to disclaim; general
requirements; when irrevocable.  (a)  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.



(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 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 a restriction or
limitation on the right to disclaim, or 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 526-12.  In this subsection,
"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.



(d)  A partial disclaimer may be expressed as a
fraction, percentage, monetary amount, term of years, 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 526-12 or when it becomes effective
as provided in sections 526-6 through 526-11, whichever occurs later.



(f)  A disclaimer made under this chapter is
not a transfer, assignment, or release. [L 2000, c 43, pt of §1]