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

411 words·~2 min read·/ak/title-13/chapter-70/13-70-030

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.