(a) If a fiduciary disclaims a power held in a fiduciary capacity which has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.
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Terms Used In Tennessee Code 31-7-111

  • Disclaimer: means the refusal to accept an interest in or power over property. See Tennessee Code 31-7-102
  • Fiduciary: means a personal representative, trustee, agent acting under a power of attorney, or other person authorized to act as a fiduciary with respect to the property of another person. See Tennessee Code 31-7-102
  • Fiduciary: A trustee, executor, or administrator.
  • Person: means an individual. See Tennessee Code 31-7-102
  • Trust: means :
    (A) An express trust, charitable or noncharitable, with additions thereto, whenever and however created. See Tennessee Code 31-7-102
(b) If a fiduciary disclaims a power held in a fiduciary capacity which has been exercised, the disclaimer takes effect immediately after the last exercise of the power.
(c) A disclaimer under this section is effective as to another fiduciary if the disclaimer so provides and the fiduciary disclaiming has the authority to bind the estate, trust, or other person for whom the fiduciary is acting.
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