(a) 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.
(b) 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.
(c) 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 § 28-2-212. In this subsection:
(1) “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.
(2) “Signed” means, with present intent to authenticate or adopt a record, to:
(A) execute or adopt a tangible symbol; or
(B) attach to or logically associate with the record an electronic sound, symbol, or process.
(d) 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.
(e) A disclaimer becomes irrevocable when it is delivered or filed pursuant to § 28-2-212 or when it becomes effective as provided in §§ 28-2-206 — 28-2-211, whichever occurs later.
(f) A disclaimer made under this subchapter is not a transfer, assignment, or release.
Structure Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 1 - General Provisions
Chapter 2 - Disclaimer Of Property
Subchapter 2 - Uniform Disclaimer of Property Interests Act (1999)
§ 28-2-204. Subchapter supplemented by other law
§ 28-2-205. Power to disclaim — General requirements, when irrevocable
§ 28-2-206. Disclaimer of interest in property
§ 28-2-207. Disclaimer of rights of survivorship in jointly held property
§ 28-2-208. Disclaimer of interest by trustee
§ 28-2-209. Disclaimer of power of appointment or other power not held in fiduciary capacity
§ 28-2-210. Disclaimer by appointee, object, or taker in default of exercise of power of appointment
§ 28-2-211. Disclaimer of power held in fiduciary capacity
§ 28-2-212. Delivery or filing
§ 28-2-213. When disclaimer barred or limited
§ 28-2-214. Tax-qualified disclaimer
§ 28-2-215. Disclaimer of interest in real property — Recording of disclaimer
§ 28-2-216. Minor, incompetent, or deceased beneficiary
§ 28-2-217. Relation to Electronic Signatures in Global and National Commerce Act