(a) A disclaimer is barred by a written waiver of the right to disclaim.
(b) A disclaimer of an interest in property is barred if any of the following events occur before the disclaimer becomes effective:
(1) the disclaimant accepts the portion of the interest sought to be disclaimed;
(2) the disclaimant voluntarily assigns, conveys, encumbers, pledges, or transfers the portion of the interest sought to be disclaimed or contracts to do so;
(3) the portion of the interest sought to be disclaimed is sold pursuant to a judicial sale; or
(4) the disclaimant is insolvent when the disclaimer becomes irrevocable.
(c) Acceptance of a distribution from a trust shall constitute acceptance of only that portion of the beneficial interest in that trust that has been distributed, and shall not constitute acceptance or bar disclaimer of that portion of the beneficial interest in the trust that has not yet been distributed.
(d) 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.
(e) 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.
(f) A disclaimer of an interest in, or a power over, property which is barred by this section is ineffective.
History: 2009 c 67 s 6; 2012 c 143 art 4 s 3
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