State Codes and Statutes
Statutes > Indiana > Title32 > Ar17.5 > Ch4
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 or
IC 32-17.5-6-1, the following rules apply to a disclaimer of an
interest in property:
(1) A disclaimer takes effect:
(A) when the instrument creating the interest becomes
irrevocable; or
(B) upon the intestate's death if the interest arose under the
law of intestate succession.
(2) A disclaimed interest passes according to any provision in
the instrument creating the interest:
(A) that provides for the disposition of the interest should
the interest be disclaimed; or
(B) that concerns disclaimed interests in general.
(3) If the instrument creating the disclaimed interest does not
contain a provision described in subdivision (2), the following
rules apply:
(A) If the disclaimant is an individual, the following rules
apply:
(i) Except as provided in items (ii) and (iii), the disclaimed
interest passes as if the disclaimant had died immediately
before the time of distribution.
(ii) If, by law or under the instrument, the descendants of
the disclaimant would share in the disclaimed interest by
any method of representation had the disclaimant died
before the time of distribution, the disclaimed interest
passes only to the descendants of the disclaimant who
survive at the time of distribution.
(iii) If the disclaimed interest would have passed to the
disclaimant's estate had the disclaimant died before the
time of distribution, the disclaimed interest passes by
representation to the descendants of the disclaimant who
survive at the time of distribution. If no descendant of the
disclaimant survives the time of distribution, the
disclaimed interest becomes part of the residue under the
instrument creating the disclaimed interest.
(B) If the disclaimant is not an individual, the disclaimed
interest passes as if the disclaimant did not exist.
(4) If the disclaimed interest arose under the law of intestate
succession, the disclaimed interest passes as if the disclaimant
had 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 the
disclaimant takes effect as if the disclaimant had died or
ceased to exist immediately before the time of distribution;
and
(B) a future interest held by the disclaimant is not
accelerated 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.
