State Codes and Statutes

Statutes > Virginia > Title-64-1 > Chapter-8-1 > 64-1-196-12

§ 64.1-196.12. When disclaimer barred or limited.

A. A disclaimer is barred by a written waiver of the right to disclaim.

B. A disclaimer of an interest in property is barred if any of the followingevents occur before the disclaimer becomes effective: (i) the disclaimantaccepts the interest sought to be disclaimed; (ii) the disclaimantvoluntarily assigns, conveys, encumbers, pledges, or transfers the interestsought to be disclaimed or contracts to do so; or (iii) a judicial sale ofthe interest sought to be disclaimed occurs.

C. A disclaimer, in whole or in part, of the future exercise of a power heldin a fiduciary capacity is not barred by its previous exercise.

D. A disclaimer, in whole or in part, of the future exercise of a power notheld in a fiduciary capacity is not barred by its previous exercise unlessthe power is exercisable in favor of the disclaimant.

E. A disclaimer is barred or limited if so provided by law other than thischapter.

F. A disclaimer of a power over property, which is barred by this section, isineffective. A disclaimer of an interest in property, which is barred by thissection, takes effect as a transfer of the interest disclaimed to the personswho would have taken the interest under this chapter had the disclaimer notbeen barred.

(2003, c. 253.)

State Codes and Statutes

Statutes > Virginia > Title-64-1 > Chapter-8-1 > 64-1-196-12

§ 64.1-196.12. When disclaimer barred or limited.

A. A disclaimer is barred by a written waiver of the right to disclaim.

B. A disclaimer of an interest in property is barred if any of the followingevents occur before the disclaimer becomes effective: (i) the disclaimantaccepts the interest sought to be disclaimed; (ii) the disclaimantvoluntarily assigns, conveys, encumbers, pledges, or transfers the interestsought to be disclaimed or contracts to do so; or (iii) a judicial sale ofthe interest sought to be disclaimed occurs.

C. A disclaimer, in whole or in part, of the future exercise of a power heldin a fiduciary capacity is not barred by its previous exercise.

D. A disclaimer, in whole or in part, of the future exercise of a power notheld in a fiduciary capacity is not barred by its previous exercise unlessthe power is exercisable in favor of the disclaimant.

E. A disclaimer is barred or limited if so provided by law other than thischapter.

F. A disclaimer of a power over property, which is barred by this section, isineffective. A disclaimer of an interest in property, which is barred by thissection, takes effect as a transfer of the interest disclaimed to the personswho would have taken the interest under this chapter had the disclaimer notbeen barred.

(2003, c. 253.)


State Codes and Statutes

State Codes and Statutes

Statutes > Virginia > Title-64-1 > Chapter-8-1 > 64-1-196-12

§ 64.1-196.12. When disclaimer barred or limited.

A. A disclaimer is barred by a written waiver of the right to disclaim.

B. A disclaimer of an interest in property is barred if any of the followingevents occur before the disclaimer becomes effective: (i) the disclaimantaccepts the interest sought to be disclaimed; (ii) the disclaimantvoluntarily assigns, conveys, encumbers, pledges, or transfers the interestsought to be disclaimed or contracts to do so; or (iii) a judicial sale ofthe interest sought to be disclaimed occurs.

C. A disclaimer, in whole or in part, of the future exercise of a power heldin a fiduciary capacity is not barred by its previous exercise.

D. A disclaimer, in whole or in part, of the future exercise of a power notheld in a fiduciary capacity is not barred by its previous exercise unlessthe power is exercisable in favor of the disclaimant.

E. A disclaimer is barred or limited if so provided by law other than thischapter.

F. A disclaimer of a power over property, which is barred by this section, isineffective. A disclaimer of an interest in property, which is barred by thissection, takes effect as a transfer of the interest disclaimed to the personswho would have taken the interest under this chapter had the disclaimer notbeen barred.

(2003, c. 253.)