3B:9-4 Disclaimer by a fiduciary of an interest in property.

148 words·~1 min read·/nj/title-3b/chapter-9/3b-9-4

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

a. A fiduciary or agent acting on behalf of a principal within the express, general or implied authority of a power of attorney, may disclaim property or any interest therein.

b. Except as provided in subsection c. of this section, such disclaimer shall not be effective unless, prior thereto, the fiduciary or agent has been authorized to disclaim by the court having jurisdiction over the fiduciary or the principal after finding that such disclaimer is advisable and will not materially prejudice the rights of:

(1)creditors, devisees, heirs or beneficiaries of the estate;

(2)beneficiaries of the trust; or

(3)the minor, the incapacitated individual, the conservatee or the principal for whom such fiduciary or agent acts.

c. If the governing instrument expressly authorizes the fiduciary or the agent to disclaim, the disclaimer by the fiduciary or agent shall be effective without court authorization.

Amended 2004, c.132, s.66.