Disclaiming power held in fiduciary capacity
Sec. 4. (a) If a fiduciary disclaims a power held in a fiduciary
capacity that has not been exercised, the disclaimer takes effect as of
the time the instrument creating the power becomes irrevocable.
(b) If a fiduciary disclaims a power held in a fiduciary capacity
that has been exercised, the disclaimer takes effect immediately after
the last exercise of the power.
(c) A disclaimer under this section is effective as to another
fiduciary if the disclaimer so provides and the fiduciary disclaiming
has the authority to bind the estate, trust, or other person for whom
the fiduciary is acting.
As added by P.L.5-2003, SEC.1.
Last modified: May 24, 2006