If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property.
Source: L. 2011: Entire part added, (SB 11-166), ch. 203, p. 864, � 1, effective August 10.
15-11-1209. Disclaimer of power of appointment or other power not held in fiduciary capacity. (1) If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the disclaimer applies only to that holder, and the following rules apply:
(a) If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable;
(b) If the holder has exercised the power and the disclaimer is of a power other than a presently exercisable general power of appointment, the disclaimer takes effect immediately after the last exercise of the power; and
(c) The instrument creating the power is construed as if the power expired when the disclaimer became effective.
Source: L. 2011: Entire part added, (SB 11-166), ch. 203, p. 864, � 1, effective August 10.
15-11-1210. Disclaimer by appointee, object, or taker in default of exercise of power of appointment. (1) A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable.
(2) A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect as of the time the instrument creating the power becomes irrevocable.
Source: L. 2011: Entire part added, (SB 11-166), ch. 203, p. 864, � 1, effective August 10.