Section 9-202 - Disclaimer in general. - Maryland Statutes

§ 9-202. Disclaimer in general.
 

(a)  In whole or in part and despite certain restrictions.-  

(1) A person may disclaim in whole or in part any interest in or power over property, including a power of appointment. 

(2) A person may disclaim the interest or power even if the creator imposed a spendthrift provision or similar restriction upon transfer or a restriction or limitation on the right to disclaim. 

(b)  By fiduciaries.-  

(1) Except to the extent that a fiduciary's right to disclaim is expressly restricted or limited by another statute of the State or by the instrument creating the fiduciary relationship, a fiduciary may disclaim in whole or in part any interest in or power over property, including a power of appointment, whether acting in a personal or representative capacity. 

(2) A fiduciary may disclaim the interest or power even if the creator imposed a spendthrift provision or similar restriction upon 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)  Requirements.- To be effective, a disclaimer must: 

(1) Be in writing or other record; 

(2) Declare the disclaimer; 

(3) Describe the interest or power disclaimed; 

(4) Be signed by the person making the disclaimer; and 

(5) Be delivered or filed in the manner provided in § 9-209 of this subtitle. 

(d)  Partial disclaimers.- 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)  When irrevocable.- A disclaimer becomes irrevocable when it is delivered or filed pursuant to § 9-209 of this subtitle or when it becomes effective as provided in §§ 9-203 through 9-208 of this subtitle, whichever occurs later. 

(f)  Characterization.-  

(1) A disclaimer made under this subtitle is not a transfer, assignment, or release. 

(2) Creditors of the disclaimant have no interest in the property disclaimed. 
 

[2004, ch. 465, § 2; 2007, ch. 155.]