Delaware Code Title 12 Sec. 611 – Disclaimer by appointee, permissible appointee, or taker in default …
Current as of: 2023 | Check for updates
|
Other versions
(a) A disclaimer of an interest in property by an appointee of such interest in property as a result of an exercise of a power of appointment by a holder takes effect as of the time the instrument by which the holder exercised the power becomes irrevocable.
Terms Used In Delaware Code Title 12 Sec. 611
- Disclaimer: means the refusal to accept an interest in or power over property. 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
(b) A disclaimer of an interest in property by a permissible appointee of an interest in property or by a taker of an interest in property as a result of a holder’s failure to effectively exercise a power of appointment granted to such holder (a taker in default) takes effect as of the time the instrument creating the power of appointment becomes irrevocable.