A. If a fiduciary disclaims a power held in a fiduciary capacity that has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.
B. If a fiduciary disclaims a power held in a fiduciary capacity that has been exercised, the disclaimer takes effect immediately after the last exercise of the power.
C. 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.
2003, c. 253, § 64.1-196.10; 2012, c. 614.
Structure Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 26 - Uniform Disclaimer of Property Interests Act
§ 64.2-2602. Chapter supplemented by other law
§ 64.2-2603. Power to disclaim; general requirements; when irrevocable
§ 64.2-2604. Disclaimer of interest in property
§ 64.2-2605. Disclaimer of rights of survivorship in jointly held property
§ 64.2-2606. Disclaimer of interest by trustee
§ 64.2-2607. Disclaimer of power of appointment or other power not held in a fiduciary capacity
§ 64.2-2609. Disclaimer of power held in fiduciary capacity
§ 64.2-2610. Delivery or filing
§ 64.2-2611. When disclaimer barred or limited
§ 64.2-2612. Tax qualified disclaimer