CHAPTER 3. POWER TO DISCLAIM; IRREVOCABILITY OF DISCLAIMER

IC 32-17.5-3
    Chapter 3. Power to Disclaim; Irrevocability of Disclaimer

IC 32-17.5-3-1
Disclaiming power or interest in property
    Sec. 1. A person may disclaim, in whole or part, any interest in orpower over property, including a power of appointment. A personmay disclaim the interest or power even if the creator of the interestor power imposed:
        (1) a spendthrift provision or similar restriction on transfer; or
        (2) a restriction or limitation on the right to disclaim.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-2
Fiduciary's right to disclaim
    Sec. 2. Except to the extent a fiduciary's right to disclaim isexpressly restricted or limited by another statute or by the instrumentcreating the fiduciary relationship, a fiduciary may disclaim, inwhole or part, any interest in or power over property, including apower of appointment, whether acting in a personal or representativecapacity. A fiduciary may disclaim the interest or power even if:
        (1) the creator of the power or interest imposed a spendthriftprovision or similar restriction on transfer or a restriction orlimitation on the right to disclaim; or
        (2) an instrument other than the instrument that created thefiduciary relationship imposed a restriction or limitation on theright to disclaim.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-3
Disclaimer requirements
    Sec. 3. (a) As used in this section, "record" means informationthat is inscribed on a tangible medium or that is stored in anelectronic or other medium and is retrievable in perceivable form.
    (b) A disclaimer must:
        (1) be in a writing or other record;
        (2) state that it is a disclaimer;
        (3) describe the interest or power disclaimed;
        (4) be signed by the person making the disclaimer; and
        (5) be delivered or filed in the manner provided in IC 32-17.5-7.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-4
Partial disclaimer
    Sec. 4. A partial disclaimer may be expressed as:
        (1) a fraction;
        (2) a percentage;
        (3) a monetary amount;
        (4) a term of years;
        (5) a limitation of a power; or        (6) any other interest or estate in the property.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-5
When irrevocable
    Sec. 5. A disclaimer becomes irrevocable upon the occurrence ofthe later of the following to occur:
        (1) The disclaimer is delivered or filed as set forth inIC 32-17.5-7.
        (2) The disclaimer becomes effective as set forth inIC 32-17.5-4 through IC 32-17.5-6.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-6
Disclaimer not a transaction, assignment, or release
    Sec. 6. A disclaimer made under this article is not a transfer, anassignment, or a release.
As added by P.L.5-2003, SEC.1.