[Rev. 11/21/2013 9:40:14
AM--2013]
CHAPTER 120 - DISCLAIMER OF PROPERTY
INTERESTS (UNIFORM ACT)
NRS 120.100 Short
title.
NRS 120.110 Definitions.
NRS 120.120 “Disclaimant”
defined.
NRS 120.130 “Disclaimed
interest” defined.
NRS 120.140 “Disclaimer”
defined.
NRS 120.150 “Fiduciary”
defined.
NRS 120.160 “Jointly
held property” defined.
NRS 120.170 “Person”
defined.
NRS 120.180 “State”
defined.
NRS 120.190 “Trust”
defined.
NRS 120.200 Scope.
NRS 120.210 Chapter
supplemented by other law.
NRS 120.220 Power
to disclaim; general requirements; when irrevocable.
NRS 120.230 Disclaimer
of interest in property.
NRS 120.240 Disclaimer
of rights of survivorship in jointly held property.
NRS 120.250 Disclaimer
of interest by trustee.
NRS 120.260 Disclaimer
of power of appointment or other power not held in fiduciary capacity.
NRS 120.270 Disclaimer
by appointee, object or taker in default of exercise of power of appointment.
NRS 120.280 Disclaimer
of power held in fiduciary capacity.
NRS 120.290 Delivery
or filing.
NRS 120.300 When
disclaimer barred or limited.
NRS 120.310 Tax
qualified disclaimer.
NRS 120.320 Recording
of disclaimer.
NRS 120.330 Application
to existing relationships.
NRS 120.340 Relation
to Electronic Signatures in Global and National Commerce Act.
NRS 120.350 Uniformity
of application and construction.
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NRS 120.100 Short title. This
chapter may be cited as the Uniform Disclaimer of Property Interests Act
(1999).
(Added to NRS by 2007, 278)
NRS 120.110 Definitions. As
used in this chapter, the words and terms defined in NRS
120.120 to 120.190, inclusive, have the
meanings ascribed to them in those sections.
(Added to NRS by 2007, 278)
NRS 120.120 “Disclaimant” defined. “Disclaimant”
means the person to whom a disclaimed interest or power would have passed had
the disclaimer not been made.
(Added to NRS by 2007, 278)
NRS 120.130 “Disclaimed interest” defined. “Disclaimed
interest” means the interest that would have passed to the disclaimant had the
disclaimer not been made.
(Added to NRS by 2007, 278)
NRS 120.140 “Disclaimer” defined. “Disclaimer”
means the refusal to accept an interest in or power over property.
(Added to NRS by 2007, 278)
NRS 120.150 “Fiduciary” defined. “Fiduciary”
means a personal representative, trustee, agent acting under a power of
attorney or other person authorized to act as a fiduciary with respect to the
property of another person.
(Added to NRS by 2007, 278)
NRS 120.160 “Jointly held property” defined. “Jointly
held property” means property held in the name of two or more persons under an
arrangement in which all holders have concurrent interests and under which the
last surviving holder is entitled to the whole of the property.
(Added to NRS by 2007, 278)
NRS 120.170 “Person” defined. “Person”
means an individual, corporation, business trust, estate, trust, partnership,
limited-liability company, association, joint venture, public corporation,
government, governmental subdivision, agency or instrumentality, or any other
legal or commercial entity.
(Added to NRS by 2007, 278)
NRS 120.180 “State” defined. “State”
means a state of the United States, the District of Columbia, Puerto Rico, the
United States Virgin Islands or any territory or insular possession subject to
the jurisdiction of the United States. The term includes an Indian tribe or
band, or Alaskan native village, recognized by federal law or formally
acknowledged by a state.
(Added to NRS by 2007, 278)
NRS 120.190 “Trust” defined. “Trust”
means:
1. An express trust, charitable or
noncharitable, with additions thereto, whenever and however created; and
2. A trust created pursuant to a statute,
judgment or decree which requires the trust to be administered in the manner of
an express trust.
(Added to NRS by 2007, 279)
NRS 120.200 Scope. This chapter
applies to disclaimers of any interest in or power over property, whenever
created.
(Added to NRS by 2007, 279)
NRS 120.210 Chapter supplemented by other law.
1. Unless displaced by a provision of this
chapter, the principles of law and equity supplement this chapter.
2. This chapter does not limit any right
of a person to waive, release, disclaim or renounce an interest in or power
over property under a law other than this chapter.
(Added to NRS by 2007, 279)
NRS 120.220 Power to disclaim; general requirements; when irrevocable.
1. A person may disclaim, in whole or
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 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 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 must be
in a 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 in the manner provided in NRS
120.290. As used in this subsection:
(a) “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; and
(b) “Signed” means, with present intent to
authenticate or adopt a record, to:
(1) Execute or adopt a tangible symbol; or
(2) Attach to or logically associate with
the record an electronic sound, symbol or process.
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 pursuant to NRS 120.290 or
when it becomes effective as provided in NRS 120.230
to 120.280, inclusive, whichever occurs later.
6. A disclaimer made under this chapter is
not a transfer, assignment or release.
(Added to NRS by 2007, 279)
NRS 120.230 Disclaimer of interest in property.
1. Except for a disclaimer governed by NRS 120.240 or 120.250,
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), the following rules apply:
(1) If the disclaimant is not an
individual, the disclaimed interest passes as if the disclaimant did not exist.
(2) If the disclaimant is an individual,
except as otherwise provided in subparagraphs (3) and (4), the disclaimed
interest passes as if the disclaimant had died immediately before the time of
distribution.
(3) 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.
(4) If the disclaimed interest would pass
to the disclaimant’s estate had the disclaimant died before the time of
distribution, the disclaimed interest instead passes by representation to the
descendants of the disclaimant who survive the time of distribution. If no
descendant of the disclaimant survives the time of distribution, the disclaimed
interest passes to those persons, including the State but excluding the
disclaimant, and in such shares as would succeed to the transferor’s intestate
estate under the intestate succession law of the transferor’s domicile had the
transferor died at the time of distribution. However, if the transferor’s
surviving spouse is living but is remarried at the time of distribution, the
transferor is deemed to have died unmarried at the time of distribution.
(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.
2. As used in this section:
(a) “Future interest” means an interest that
takes effect in possession or enjoyment, if at all, later than the time of its
creation.
(b) “Time of distribution” means the time when a
disclaimed interest would have taken effect in possession or enjoyment.
(Added to NRS by 2007, 279)
NRS 120.240 Disclaimer of rights of survivorship in jointly held property.
1. Upon the death of a holder of jointly
held property, a surviving holder may disclaim, in whole or part, the greater
of:
(a) A fractional share of the property determined
by dividing the number 1 by the number of joint holders alive immediately
before the death of the holder to whose death the disclaimer relates; or
(b) All of the property except that part of the
value of the entire interest attributable to the contribution furnished by the
disclaimant.
2. A disclaimer under subsection 1 takes
effect as of the death of the holder of jointly held property to whose death
the disclaimer relates.
3. An interest in jointly held property
disclaimed by a surviving holder of the property passes as if the disclaimant
predeceased the holder to whose death the disclaimer relates.
(Added to NRS by 2007, 280)
NRS 120.250 Disclaimer of interest by trustee. If
a trustee disclaims an interest in property that otherwise would have become
trust property, the interest does not become trust property.
(Added to NRS by 2007, 280)
NRS 120.260 Disclaimer of power of appointment or other power not held in
fiduciary capacity. If a holder
disclaims a power of appointment 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.
3. The instrument creating the power is
construed as if the power expired when the disclaimer became effective.
(Added to NRS by 2007, 281)
NRS 120.270 Disclaimer by appointee, object or taker in default of exercise
of power of appointment.
1. 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.
2. A disclaimer of an interest in property
by an object or taker in default of an exercise of a power of appointment takes
effect as of the time the instrument creating the power becomes irrevocable.
(Added to NRS by 2007, 281)
NRS 120.280 Disclaimer of power held in fiduciary capacity.
1. If a fiduciary disclaims a power held
in a fiduciary capacity which has not been exercised, the disclaimer takes
effect as of the time the instrument creating the power becomes irrevocable.
2. If a fiduciary disclaims a power held
in a fiduciary capacity which has been exercised, the disclaimer takes effect
immediately after the last exercise of the power.
3. A disclaimer under this section is
effective as to another fiduciary if the disclaimer so provides and the
fiduciary disclaiming has the authority to bind the estate, trust or other
person for whom the fiduciary is acting.
(Added to NRS by 2007, 281)
NRS 120.290 Delivery or filing.
1. Subject to subsections 2 to 11,
inclusive, delivery of a disclaimer may be effected by personal delivery,
first-class mail or any other method likely to result in its receipt.
2. In the case of an interest created
under the law of intestate succession or an interest created by will, other
than an interest in a testamentary trust:
(a) A disclaimer must be delivered to the
personal representative of the decedent’s estate; or
(b) If no personal representative is then
serving, it must be filed with a court having jurisdiction to appoint the
personal representative.
3. In the case of an interest in a
testamentary trust:
(a) A disclaimer must be delivered to the trustee
then serving or, if no trustee is then serving, to the personal representative
of the decedent’s estate; or
(b) If no personal representative is then
serving, it must be filed with a court having jurisdiction to enforce the
trust.
4. In the case of an interest in an inter
vivos trust:
(a) A disclaimer must be delivered to the trustee
then serving;
(b) If no trustee is then serving, it must be
filed with a court having jurisdiction to enforce the trust; or
(c) If the disclaimer is made before the time the
instrument creating the trust becomes irrevocable, it must be delivered to the
settlor of a revocable trust or the transferor of the interest.
5. In the case of an interest created by a
beneficiary designation which is disclaimed before the designation becomes
irrevocable, the disclaimer must be delivered to the person making the
beneficiary designation.
6. In the case of an interest created by a
beneficiary designation which is disclaimed after the designation becomes
irrevocable:
(a) The disclaimer of an interest in personal
property must be delivered to the person obligated to distribute the interest;
and
(b) The disclaimer of an interest in real
property must be recorded in the office of the county recorder of the county
where the real property that is the subject of the disclaimer is located.
7. In the case of a disclaimer by a
surviving holder of jointly held property, the disclaimer must be delivered to
the person to whom the disclaimed interest passes.
8. In the case of a disclaimer by an
object or taker in default of exercise of a power of appointment at any time
after the power was created:
(a) The disclaimer must be delivered to the
holder of the power or to the fiduciary acting under the instrument that
created the power; or
(b) If no fiduciary is then serving, it must be
filed with a court having authority to appoint the fiduciary.
9. In the case of a disclaimer by an
appointee of a nonfiduciary power of appointment:
(a) The disclaimer must be delivered to the
holder, the personal representative of the holder’s estate or to the fiduciary
under the instrument that created the power; or
(b) If no fiduciary is then serving, it must be
filed with a court having authority to appoint the fiduciary.
10. In the case of a disclaimer by a
fiduciary of a power over a trust or estate, the disclaimer must be delivered
as provided in subsection 2, 3 or 4, as if the power disclaimed were an
interest in property.
11. In the case of a disclaimer of a power
by an agent, the disclaimer must be delivered to the principal or the
principal’s representative.
12. As used in this section, “beneficiary
designation” means an instrument, other than an instrument creating a trust,
naming the beneficiary of:
(a) An annuity or insurance policy;
(b) An account with a designation for payment on
death;
(c) A security registered in beneficiary form;
(d) A pension, profit-sharing, retirement or
other employment-related benefit plan; or
(e) Any other nonprobate transfer at death.
(Added to NRS by 2007, 281; A 2011, 1353)
NRS 120.300 When disclaimer barred or limited.
1. A disclaimer is barred by a written
waiver of the right to disclaim.
2. A disclaimer of an interest in property
is barred if any of the following events occur before the disclaimer becomes
effective:
(a) The disclaimant accepts the interest sought
to be disclaimed;
(b) The disclaimant voluntarily assigns, conveys,
encumbers, pledges or transfers the interest sought to be disclaimed or contracts
to do so; or
(c) A judicial sale of the interest sought to be
disclaimed occurs.
3. A disclaimer, in whole or part, of the
future exercise of a power held in a fiduciary capacity is not barred by its
previous exercise.
4. A disclaimer, in whole or part, of the
future exercise of a power not held in a fiduciary capacity is not barred by
its previous exercise unless the power is exercisable in favor of the
disclaimant.
5. A disclaimer is barred or limited if so
provided by law other than this chapter.
6. A disclaimer of a power over property
which is barred by this section is ineffective. A disclaimer of an interest in
property which is barred by this section takes effect as a transfer of the
interest disclaimed to the persons who would have taken the interest under this
chapter had the disclaimer not been barred.
(Added to NRS by 2007, 282)
NRS 120.310 Tax qualified disclaimer. Notwithstanding
any other provision of this chapter, if as a result of a disclaimer or transfer
the disclaimed or transferred interest is treated pursuant to the provisions of
Title 26 of the United States Code, as now or hereafter amended, or any
successor statute thereto, and the regulations promulgated thereunder, as never
having been transferred to the disclaimant, then the disclaimer or transfer is
effective as a disclaimer under this chapter.
(Added to NRS by 2007, 283)
NRS 120.320 Recording of disclaimer. If
an instrument transferring an interest in or power over property subject to a
disclaimer is required or permitted by law to be filed, recorded or registered,
the disclaimer may be so filed, recorded or registered. Except as otherwise
provided in paragraph (b) of subsection 6 of NRS
120.290, failure to file, record or register the disclaimer does not affect
its validity as between the disclaimant and persons to whom the property
interest or power passes by reason of the disclaimer.
(Added to NRS by 2007, 283; A 2011, 1354)
NRS 120.330 Application to existing relationships. Except
as otherwise provided in NRS 120.300, an interest
in or power over property existing on October 1, 2007, as to which the time for
delivering or filing a disclaimer under law superseded by this chapter has not
expired may be disclaimed after October 1, 2007.
(Added to NRS by 2007, 283)
NRS 120.340 Relation to Electronic Signatures in Global and National
Commerce Act. This chapter
modifies, limits and supersedes the federal Electronic Signatures in Global and
National Commerce Act, 15 U.S.C. §§ 7001 et seq., but does not modify, limit or
supersede section 101(c) of that act, 15 U.S.C. § 7001(c), or authorize
electronic delivery of any of the notices described in section 103(b) of that
act, 15 U.S.C. § 7003(b).
(Added to NRS by 2007, 283)
NRS 120.350 Uniformity of application and construction. In applying and construing the Uniform
Disclaimer of Property Interests Act, consideration must be given to the need
to promote uniformity of the law with respect to its subject matter among
states that enact it.
(Added to NRS by 2007, 283)
