64.1-196.12 - When disclaimer barred or limited. - Virginia Statutes

§ 64.1-196.12. When disclaimer barred or limited.

A. A disclaimer is barred by a written waiver of the right to disclaim.

B. A disclaimer of an interest in property is barred if any of the followingevents occur before the disclaimer becomes effective: (i) the disclaimantaccepts the interest sought to be disclaimed; (ii) the disclaimantvoluntarily assigns, conveys, encumbers, pledges, or transfers the interestsought to be disclaimed or contracts to do so; or (iii) a judicial sale ofthe interest sought to be disclaimed occurs.

C. A disclaimer, in whole or in part, of the future exercise of a power heldin a fiduciary capacity is not barred by its previous exercise.

D. A disclaimer, in whole or in part, of the future exercise of a power notheld in a fiduciary capacity is not barred by its previous exercise unlessthe power is exercisable in favor of the disclaimant.

E. A disclaimer is barred or limited if so provided by law other than thischapter.

F. A disclaimer of a power over property, which is barred by this section, isineffective. A disclaimer of an interest in property, which is barred by thissection, takes effect as a transfer of the interest disclaimed to the personswho would have taken the interest under this chapter had the disclaimer notbeen barred.

(2003, c. 253.)