(a)    (1)    A person may disclaim in whole or in part any interest in or power over property, including a power of appointment.

(2)    A person may disclaim the interest or power even if the creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim.

(b)    (1)    Except to the extent that a fiduciary’s right to disclaim is expressly restricted or limited by another statute of the State or by the instrument creating the fiduciary relationship, a fiduciary may disclaim in whole or in part any interest in or power over property, including a power of appointment, whether acting in a personal or representative capacity.

(2)    A fiduciary may disclaim the interest or power even if the creator 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.

(c)    To be effective, a disclaimer must:

(1)    Be in writing or other record;

(2)    Declare the disclaimer;

(3)    Describe the interest or power disclaimed;

(4)    Be signed by the person making the disclaimer; and

(5)    Be delivered or filed in the manner provided in § 9-209 of this subtitle.

(d)    A partial disclaimer may be expressed as a fraction, percentage, monetary amount, term of years, limitation of a power, or any other interest or estate in the property.

(e)    A disclaimer becomes irrevocable when it is delivered or filed pursuant to § 9-209 of this subtitle or when it becomes effective as provided in §§ 9-203 through 9-208 of this subtitle, whichever occurs later.

(f)    (1)    A disclaimer made under this subtitle is not a transfer, assignment, or release.

(2)    Creditors of the disclaimant have no interest in the property disclaimed.