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 or
power over property, including a power of appointment. A person
may disclaim the interest or power even if the creator of the interest
or 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 is
expressly restricted or limited by another statute 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:

        (1) the creator of the power or interest imposed a spendthrift
provision or similar restriction on transfer or a restriction or
limitation on the right to disclaim; or

        (2) an instrument other than the instrument that created the
fiduciary relationship imposed a restriction or limitation on the
right 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 information
that is inscribed on a tangible medium or that is stored in an
electronic 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 of
the later of the following to occur:

        (1) The disclaimer is delivered or filed as set forth in
IC 32-17.5-7.

        (2) The disclaimer becomes effective as set forth in
IC 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, an
assignment, or a release.

As added by P.L.5-2003, SEC.1.