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§ 9-202. Power to disclaim interest in or power over property

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 9. Special Provisions Relating to Distribution (Refs & Annos)
Subtitle 2. Maryland Uniform Disclaimer of Property Interests Act (Refs & Annos)
Effective: October 1, 2019
MD Code, Estates and Trusts, § 9-202
§ 9-202. Power to disclaim interest in or power over property
Currentness
In general
(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.
Fiduciary’s 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.
Disclaimer requirements
(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.
Partial disclaimers
(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.
Delivering or filing disclaimer makes it irrevocable
(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.
Disclaimer not transfer, assignment, or release
(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.

Credits

Added by Acts 2004, c. 465, § 2, eff. Oct. 1, 2004. Amended by Acts 2007, c. 155, § 1, eff. Oct. 1, 2007; Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.
MD Code, Estates and Trusts, § 9-202, MD EST & TRST § 9-202
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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