Arizona Laws 14-10005. Power to disclaim; general requirements; when irrevocable
A. A person may disclaim, in whole or in 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.
Terms Used In Arizona Laws 14-10005
- Disclaimer: means the refusal to accept an interest in or power over property. See Arizona Laws 14-10002
- Electronic: means having electrical, digital, magnetic, optical, electromagnetic or similar capabilities. See Arizona Laws 14-1201
- Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a personal representative, a trustee, an agent acting under a power of attorney or any other person who is authorized to act as a fiduciary with respect to the property of another person. See Arizona Laws 14-10002
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- State: means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico. See Arizona Laws 14-9101
- Statute: A law passed by a legislature.
- Tangible medium: means a medium on which information may be inscribed by writing, typing, printing or similar means and that is perceivable by reading directly from the medium on which the information is inscribed. See Arizona Laws 14-1201
- Writing: includes printing. See Arizona Laws 1-215
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 in 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 restriction or limitation on the right to disclaim, or if 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 section 14-10012. For the purposes of 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 execute or adopt a tangible symbol or to attach to or logically associate with the record an electronic sound, symbol or process.
D. A partial disclaimer may be expressed as a fraction, a percentage, a monetary amount, a term of years, a 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 section 14-10012 or when it becomes effective as provided in sections 14-10006 through 14-10011, whichever occurs later.
F. A disclaimer made under this chapter is not a transfer, assignment or release.