Virginia Code 64.2-2611: When disclaimer barred or limited
A. A disclaimer is barred by a written waiver of the right to disclaim.
Terms Used In Virginia Code 64.2-2611
- Disclaimant: means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made. See Virginia Code 64.2-2600
- Disclaimer: means the refusal to accept an interest in or power over property. See Virginia Code 64.2-2600
- 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 Virginia Code 64.2-2600
- Fiduciary: A trustee, executor, or administrator.
B. A disclaimer of an interest in property is barred if any of the following events occur before the disclaimer becomes effective: (i) the disclaimant accepts the interest sought to be disclaimed; (ii) the disclaimant voluntarily assigns, conveys, encumbers, pledges, or transfers the interest sought to be disclaimed or contracts to do so; or (iii) a judicial sale of the interest sought to be disclaimed occurs.
C. A disclaimer, in whole or in part, of the future exercise of a power held in a fiduciary capacity is not barred by its previous exercise.
D. A disclaimer, in whole or in part, of the future exercise of a power not held in a fiduciary capacity is not barred by its previous exercise unless the power is exercisable in favor of the disclaimant.
E. A disclaimer is barred or limited if so provided by law other than this chapter.
F. A disclaimer of a power over property that is barred by this section is ineffective. A disclaimer of an interest in property that is barred by this section takes effect as a transfer of the interest disclaimed to the persons who would have taken the interest under this chapter had the disclaimer not been barred.