§ 34-22-1. Disclaimer and renunciation or restriction of power.
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§ 34-22-1. Disclaimer and renunciation or restriction of power.
A person to whom any power of appointment, or power of apportionment, or any other power, whether coupled with an interest or not, is given, may disclaim or renounce the whole, or any part, of that power to the extent that the power has not been exercised by that person, and may also restrict any such power, either as to persons to whom he or she may appoint or the amounts he or she may appoint, or both. The disclaimer or renunciation shall relate back to the creation of the power and shall take and have effect as of that time.
No title to any property or interest with respect to which such renunciation or disclaimer is made shall pass to any person by virtue of the power to the extent of the renunciation or disclaimer, and the power shall be void to the extent of the renunciation or disclaimer. After such disclaimer or renunciation, the power may be exercised by the other or others, if any, or the survivors or survivor of the others, of the persons to whom the power is given, unless the contrary is expressed in the instrument creating the power.
This section shall apply to all powers of appointment and powers of apportionment and all other powers, whether created before or after the original enactment of this section.
History of Section.
G.L. 1896, ch. 208, § 20; G.L. 1909, ch. 259, § 20; G.L. 1923, ch. 303, § 20; G.L. 1938, ch. 488, § 1; P.L. 1944, ch. 1486, § 1; G.L. 1956, § 34-22-1.