§2-909. Disclaimer of power of appointment or other power not held in fiduciary capacity
If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following provisions apply.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
1.
Disclaimer of unexercised power.
If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.
Disclaimer of exercised power.
If the holder has exercised the power and the disclaimer is of a power other than a presently exercisable general power of appointment, the disclaimer takes effect immediately after the last exercise of the power.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.
Construction of instrument creating the power.
The instrument creating the power is construed as if the power expired when the disclaimer became effective.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).