If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply:
(1) if the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable;
(2) 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;
(3) the instrument creating the power is construed as if the power expired when the disclaimer became effective.
Section: Previous 13.70.010 13.70.020 13.70.030 13.70.040 13.70.050 13.70.060 13.70.065 13.70.070 13.70.080 13.70.090 13.70.100 13.70.110 13.70.120 13.70.130 13.70.140 NextLast modified: November 15, 2016