[§526-6]  Disclaimer of interest in

property.  (a)  In this section:

     (1)  "Time of distribution" means the time

when a disclaimed interest would have taken effect in possession or enjoyment.

     (2)  "Future interest" means an interest

that takes effect in possession or enjoyment, if at all, later than the time of

its creation.

     (b)  Except for a disclaimer governed by

section 526-7 or 526-8, the following rules apply to a disclaimer of an

interest in property:

     (1)  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.

     (2)  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.

     (3)  If the instrument does not contain a provision

described in paragraph (2), the following rules apply:

         (A)  If the disclaimant is an individual, the

disclaimed interest passes as if the disclaimant had died immediately before

the time of distribution.  However, 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 before the time of

distribution, the disclaimed interest passes only to the descendants of the

disclaimant who survive the time of distribution.

         (B)  If the disclaimant is not an individual,

the disclaimed interest passes as if the disclaimant did not exist.

     (4)  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. [L 2000, c 43, pt of §1]