Iowa Code 633E.10 – Disclaimer by appointee, object, or taker in default of exercise of power of appointment
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1. For purposes of this section, all of the following rules shall apply:
a. An appointee is a person to whom a holder of a power has effectively appointed the property subject to the power.
b. An object of a power is a person to whom a holder of a power may appoint the property subject to the power sometime in the future.
c. A taker in default of the exercise of a power of appointment is a person designated by the person creating the power in the holder to take the property subject to the power if the power has not been effectively exercised.
Terms Used In Iowa Code 633E.10
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
2. A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable.
3. A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect as of the time the instrument creating the power becomes irrevocable.