Tennessee § 31-7-109 Disclaimer of power of appointment not held in a fiduciary capacity or other power not held in a fiduciary capacity

Tennessee Statutes

§ 31-7-109 — Disclaimer of power of appointment not held in a fiduciary capacity or other power not held in a fiduciary capacity

If a holder disclaims a power of appointment not held in a fiduciary capacity or other power not held in a fiduciary capacity, the following rules apply:

(1)If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable;

(2)If the holder has exercised the power and the disclaimer is of a power other than a presently exercisable general power of appointment, the disclaimer takes effect immediately after the last exercise of the power; and (3) The instrument creating the power is construed as if the power expired when the disclaimer became effective.

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If a holder disclaims a power of appointment not held in a fiduciary capacity or other power not held in a fiduciary capacity, the following rules apply: (1) If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable; (2) If the holder has exercised the power and the disclaimer is of a power other than a presently exercisable general power of appointment, the disclaimer takes effect immediately after the last exercise of the power; and (3) The instrument creating the power is construed as if the power expired when the disclaimer became effective.

Tennessee § 31-7-109 (Disclaimer of power of appointment not held in a fiduciary capacity or other power not held in a fiduciary capacity) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.