120.300 - When disclaimer barred or limited. - Nevada Statutes

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)