Delaware Code Title 12 Sec. 609 – Disclaimer of power held in fiduciary capacity
If a holder who is a fiduciary disclaims a power held in a fiduciary capacity, the following rules apply:
(1) If the fiduciary holder has not previously exercised the power held in a fiduciary capacity the disclaimer of the power takes effect as of the time the instrument creating the power becomes irrevocable.
(2) If the fiduciary holder has previously exercised the power held in a fiduciary capacity the disclaimer of the power takes effect immediately after the last exercise of the power.
(3) A disclaimer under this section is effective as to another fiduciary and is binding upon the estate, trust or other person for whom the fiduciary is acting as limited by Delaware law unless otherwise stated within the instrument.
63 Del. Laws, c. 448, § ?1; 70 Del. Laws, c. 186, § ?1; 75 Del. Laws, c. 302, § ?1;
Terms Used In Delaware Code Title 12 Sec. 609
- Disclaimer: means the refusal to accept an interest in or power over property. See Delaware Code Title 12 Sec. 602
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a personal representative, trustee of a trust, agent acting under a power of attorney, conservator, custodian under a Uniform Transfers to Minors Act [Chapter 45 of this title] or similar statute of any jurisdiction, guardian, or other person authorized to act as a fiduciary with respect to the property or power of another person. See Delaware Code Title 12 Sec. 602
- Holder: means the person holding a power of appointment over an interest in property held in a trust, or holding a power over a trust, who is granted the right or authority to exercise the power of appointment over an interest in property held in a trust or of a power over a trust under the terms of the instrument governing the trust. See Delaware Code Title 12 Sec. 602
- Person: means an individual, living, deceased or unborn, ascertained or unascertained, corporation, business trust, statutory trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government, or any governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Delaware Code Title 12 Sec. 602
- Trust: means :