CHAPTER 4. DISCLAIMER OF INTEREST IN PROPERTY

IC 32-17.5-4
    Chapter 4. Disclaimer of Interest in Property

IC 32-17.5-4-1
General provisions
    Sec. 1. Except for a disclaimer under IC 32-17.5-5 orIC 32-17.5-6-1, the following rules apply to a disclaimer of aninterest in property:
        (1) A disclaimer takes effect:
            (A) when the instrument creating the interest becomesirrevocable; or
            (B) upon the intestate's death if the interest arose under thelaw of intestate succession.
        (2) A disclaimed interest passes according to any provision inthe instrument creating the interest:
            (A) that provides for the disposition of the interest shouldthe interest be disclaimed; or
            (B) that concerns disclaimed interests in general.
        (3) If the instrument creating the disclaimed interest does notcontain a provision described in subdivision (2), the followingrules apply:
            (A) If the disclaimant is an individual, the following rulesapply:
                (i) Except as provided in items (ii) and (iii), the disclaimedinterest passes as if the disclaimant had died immediatelybefore the time of distribution.
                (ii) If, by law or under the instrument, the descendants ofthe disclaimant would share in the disclaimed interest byany method of representation had the disclaimant diedbefore the time of distribution, the disclaimed interestpasses only to the descendants of the disclaimant whosurvive at the time of distribution.
                (iii) If the disclaimed interest would have passed to thedisclaimant's estate had the disclaimant died before thetime of distribution, the disclaimed interest passes byrepresentation to the descendants of the disclaimant whosurvive at the time of distribution. If no descendant of thedisclaimant survives the time of distribution, thedisclaimed interest becomes part of the residue under theinstrument creating the disclaimed interest.
            (B) If the disclaimant is not an individual, the disclaimedinterest passes as if the disclaimant did not exist.
        (4) If the disclaimed interest arose under the law of intestatesuccession, the disclaimed interest passes as if the disclaimanthad died immediately before the intestate's death.
        (5) Upon the disclaimer of a preceding interest:
            (A) a future interest held by a person other than thedisclaimant takes effect as if the disclaimant had died orceased to exist immediately before the time of distribution;and            (B) a future interest held by the disclaimant is notaccelerated in possession or enjoyment.
As added by P.L.5-2003, SEC.1. Amended by P.L.238-2005, SEC.54;P.L.6-2010, SEC.38.