§ 524.2-1113 — Disclaimer of Power Held in Fiduciary Capacity
Plain-Language Summary
A fiduciary (such as a personal representative, guardian, or conservator) may disclaim a power held in their fiduciary capacity, with court approval if required.
524.2-1113 DISCLAIMER OF POWER HELD IN FIDUCIARY CAPACITY.
(a) If a fiduciary disclaims a power held in a fiduciary capacity which has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.
(b) If a fiduciary disclaims a power held in a fiduciary capacity which has been exercised, the disclaimer takes effect immediately after the last exercise of the power.
(c) A disclaimer under this section is effective as to another fiduciary if:
(1) the disclaimer so provides; and
(2) the fiduciary disclaiming has the authority to bind the estate, trust, or other person for whom the fiduciary is acting.
History:
History: History:
2009 c 67 s 13