Section 13.70.030. Power to disclaim; general requirements; when irrevocable.

   (a) A person may disclaim, in whole or part, conditionally or unconditionally, any interest in or power over property, including a power of appointment. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction, prohibition, or limitation on the right to disclaim. A disclaimer shall be considered to be unconditional and not subject to modification or revocation unless the disclaimant provides otherwise in the disclaimer.
   (b) With court approval, a fiduciary may disclaim, in whole or part, any interest in or power over property, including a power of appointment. Without court approval, a fiduciary may not disclaim, in whole or in part, any interest in or power over property, including a power of appointment, except that
        (1) a fiduciary may disclaim, in whole or in part, any interest in or power over property, including a power of appointment, if and to the extent that the instrument creating the fiduciary relationship grants the fiduciary the right to disclaim;
        (2) in the absence of a court-appointed guardian, notwithstanding a provision in AS 13.26 to the contrary, an individual having legal custody of a minor child may disclaim on behalf of the minor child, in whole or in part, any interest in or power over property, including a power of appointment, that the minor child is to receive solely as a result of another disclaimer, but only if the interest or power disclaimed by the individual having legal custody does not pass, as a result of the disclaimer, to or for the benefit of the individual having legal custody.
   (c) To be effective, a disclaimer must be in writing, declare that the writing is a disclaimer, describe the interest or power disclaimed, be signed by the person making the disclaimer, and be delivered or filed in the manner provided in AS 13.70.100.
   (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
        (1) any conditions to which the disclaimant has made the disclaimer subject are satisfied; and
        (2) the disclaimer is delivered or filed under AS 13.70.100, or becomes effective as provided in AS 13.70.040 - 13.70.090, whichever occurs later.
   (f) A disclaimer made under this chapter is not a transfer, assignment, or release.

Notes

History

(Sec. 1 ch 63 SLA 2010)