(1)As used in this section,
unless the context otherwise requires:
(a)Future interest means an interest that takes effect in possession or
enjoyment, if at all, later than the time of its creation.
(b)Method of representation includes any method of division described in
section 15-11-709.
(c)Time of distribution means the time when a disclaimed interest would
have taken effect in possession or enjoyment.
(2)Except for a disclaimer governed by section 15-11-1207 or 15-11-1208, the
following rules apply to a disclaimer of an interest in property:
(a)The disclaimer takes effect as of the time the instrument creating the
interest becomes irrevocable, or, if the interest arose under the law of intestate
succession, as of the time of the intestate's death.
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(1) As used in this section,
unless the context otherwise requires:
(a) Future interest means an interest that takes effect in possession or
enjoyment, if at all, later than the time of its creation.
(b) Method of representation includes any method of division described in
section 15-11-709.
(c) Time of distribution means the time when a disclaimed interest would
have taken effect in possession or enjoyment.
(2) Except for a disclaimer governed by section 15-11-1207 or 15-11-1208, the
following rules apply to a disclaimer of an interest in property:
(a) The disclaimer takes effect as of the time the instrument creating the
interest becomes irrevocable, or, if the interest arose under the law of intestate
succession, as of the time of the intestate's death.
(b) The disclaimed interest passes according to any provision in the
instrument creating the interest, providing for the disposition of the interest, should
it be disclaimed, or of disclaimed interests in general.
(c) If the instrument does not contain a provision described in paragraph (b)
of this subsection (2), the following rules apply:
(I) If the disclaimant is not an individual, the disclaimed interest passes as if
the disclaimant had ceased to exist immediately before the time of distribution.
(II) If the disclaimant is an individual, except as otherwise provided for in
subparagraphs (III) and (IV) of this paragraph (c), the disclaimed interest passes as
if the disclaimant had died immediately before the time of distribution.
(III) If, by law or under the instrument, the descendants of the disclaimant
would share in the disclaimed interest by any method of representation had the
disclaimant died immediately before the time of distribution, the disclaimed interest
passes only to the descendants of the disclaimant who survive the time of
distribution.
(IV) (A) If the disclaimed interest would pass as part of the disclaimant's
estate had the disclaimant died immediately before the time of distribution, the
disclaimed interest instead passes as if by representation to the descendants of the
disclaimant who are living at the time of distribution.
(B) If the disclaimed interest would pass as part of the disclaimant's estate
had the disclaimant died immediately before the time of distribution and no
descendant of the disclaimant survives the time of distribution, the disclaimed
interest passes to those persons, including the state to which such interest would
escheat, but excluding the disclaimant, and in such shares as such persons would
succeed to the transferor's intestate estate under the applicable law had the
transferor died at the time of distribution. However, for purposes of this sub-subparagraph (B), if the transferor's surviving spouse is living but remarried at the
time of distribution, the transferor is deemed to have died unmarried at the time of
distribution.
(C) As used in sub-subparagraph (B) of this subparagraph (IV), applicable
law refers to the intestate succession law of the transferor's domicile with respect
to a disclaimer of an interest in personal property and refers to the intestate
succession law of this state with respect to a disclaimed interest that is real
property located in this state.
(D) In addition to other applications of this sub-subparagraph (D) that are
apparent, the general assembly declares its intent to have the rules of this sub-subparagraph (D) apply with respect to present interests in real property and
personal property that are transferred outright or in trust to an individual by a
transferor during the lifetime of the transferor where the interest disclaimed would,
if not disclaimed, have vested in the individual to whom the property is transferred
and would be part of that individual's estate if he or she had died immediately after
the transfer. Accordingly, this sub-subparagraph (D) shall be so construed to
determine the disposition of the present interest. For purposes of the application of
the rules to such present interests, the reference to immediately before the time
of distribution in sub-subparagraphs (A) and (B) of this subparagraph (IV) shall
instead be considered as references to immediately after the time of distribution.
(E) In sub-subparagraph (D) of this subparagraph (IV), present interest
means an interest that takes effect in possession or enjoyment, if at all, at the time
of its creation.
(d) Upon the disclaimer of a preceding interest, a future interest held by a
person other than the disclaimant takes effect as if the disclaimant had died or
ceased to exist immediately before the time of distribution, but a future interest
held by the disclaimant is not accelerated in possession or enjoyment.