Section 32-17.5-6-3 - Disclaimer by appointee of power of appointment(a) A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable.(b) A disclaimer of an interest in property by:(1) persons eligible to receive property upon exercise of the power of appointment; or(2) a taker in default of an exercise of a power of appointment; takes effect as of the time the instrument creating the power becomes irrevocable.
As added by P.L. 5-2003, SEC.1.