Oregon Statutes 105.629 – Power to disclaim; general requirements; when irrevocable
(1) A person may disclaim, in whole or part, any interest in property or any power over property, including a power of appointment. A person may disclaim the interest or power even if the person who created the interest or power imposed a spendthrift provision or similar restriction on transfer or imposed a restriction or limitation on the right to disclaim.
Terms Used In Oregon Statutes 105.629
- Fiduciary: A trustee, executor, or administrator.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Statute: A law passed by a legislature.
(2) Except to the extent that a fiduciary‘s right to disclaim is expressly restricted or limited by another statute of this state or by the instrument creating the fiduciary relationship, a fiduciary may disclaim, in whole or part, any interest in property or power over property, including a power of appointment, without regard to whether the fiduciary is acting in a personal or representative capacity. A fiduciary may disclaim the interest or power even if the creator of the interest or power imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim, or an instrument other than the instrument that created the fiduciary relationship imposed a restriction or limitation on the right to disclaim.
(3) To be effective, a disclaimer must:
(a) Be in writing or otherwise recorded by inscription on a tangible medium or by storage in an electronic or other medium in a manner that allows the disclaimer to be retrieved in perceivable form;
(b) Declare that the person disclaims the interest in the property or in the power;
(c) Describe the interest in property or power over property that is disclaimed;
(d) Be signed by the person making the disclaimer; and
(e) Be delivered or filed in the manner provided in ORS § 105.642.
(4) A partial disclaimer may be expressed as a fraction, percentage, monetary amount, term of years, limitation of a power or as any other interest or estate in the property.
(5) A disclaimer is irrevocable when the disclaimer is delivered or filed pursuant to ORS § 105.642 or when the disclaimer becomes effective as provided in ORS § 105.633 to 105.641, whichever occurs later.
(6) A disclaimer made under ORS § 105.623 to 105.649 is not a transfer, assignment or release. [2001 c.245 § 5]
[1975 c.622 § 2; 1981 c.56 § 2; 1983 c.740 § 10; 1997 c.813 § 1; repealed by 2001 c.245 § 19]
[1975 c.622 § 3; 1981 c.56 § 3; 1997 c.813 § 2; repealed by 2001 c.245 § 19]