Disclaiming power of appointment
Sec. 2. If the holder of a power of appointment or other power not
held in a fiduciary capacity disclaims the power, 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.
As added by P.L.5-2003, SEC.1.
Last modified: May 24, 2006