Disclaimer by appointee of power of appointment

Sec. 3. (a) 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. (b) A disclaimer of an interest in property by: (1) persons eligible to receive property upon exercise of the power of appointment; or (2) a taker in default of an exercise of a power of appointment; takes effect as of the time the instrument creating the power becomes irrevocable. As added by P.L.5-2003, SEC.1.