Colorado § 15-11-1205 Power to disclaim - general requirements - when irrevocable

Colorado Statutes

§ 15-11-1205 — Power to disclaim - general requirements - when irrevocable

Colorado·Title 15 Probate,·Art. Intestate Succession and Wills

(1)A person may disclaim, in whole or in part, 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 or limitation on the right to disclaim.

(2)Except to the extent a fiduciary's right to disclaim is expressly restricted or limited by another statute of this 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. A fiduciary may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restrictio

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(1) A person may disclaim, in whole or in part, 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 or limitation on the right to disclaim.

(2) Except to the extent a fiduciary's right to disclaim is expressly restricted
or limited by another statute of this 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. A fiduciary may disclaim the interest or power
even if its creator imposed a spendthrift provision or similar restriction on transfer
or a restriction or limitation on the right to disclaim, or if an instrument other than
the instrument that created the fiduciary relationship imposed a restriction or
limitation on the right to disclaim.

(3) To be effective, a disclaimer shall be in writing or other record, declare
the disclaimer, describe the interest or power disclaimed, be signed by the person
making the disclaimer, and be delivered or filed, and, with regard to an interest in
real property, be recorded in the manner provided for in section 15-11-1212. In this
subsection (3), record means information that is inscribed on a tangible medium
or that is stored in an electronic or other medium and is retrievable in perceivable
form.

(4) 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.

(5) A disclaimer becomes irrevocable when it is delivered or filed and, with
regard to an interest in real property, recorded pursuant to section 15-11-1212, or
when it becomes effective as provided for in sections 15-11-1206 through 15-11-1211,
whichever occurs later.

(6) A disclaimer made pursuant to this part 12 is not a transfer, assignment,
or release.

(7) No person obligated to distribute an interest disclaimed under this part 12
shall be liable to any person for distributing the interest as if the interest were not
disclaimed unless the person obligated to distribute the interest receives a copy of
the disclaimer prior to distributing the interest.

Colorado § 15-11-1205 (Power to disclaim - general requirements - when irrevocable) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.