§526-9 - Disclaimer of power of appointment or other power not held in fiduciary capacity.

[§526-9]  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
disclaimer is of a power other than a presently exercisable general power of
appointment, the disclaimer takes effect immediately after the last exercise of
the power.

(3)  The instrument creating the power is construed as
if the power expired when the disclaimer became effective. [L 2000, c 43, pt of
§1]