Texas Property Code 240.054 – Disclaimer of Power of Appointment or Other Power Not Held in Fiduciary Capacity
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(a) If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, this section applies.
(b) If the holder:
(1) has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable; or
(2) has exercised the power and the disclaimer is of a power other than a presently exercisable general power of appointment, the disclaimer takes effect immediately after the last exercise of the power.
Terms Used In Texas Property Code 240.054
- Fiduciary: A trustee, executor, or administrator.
(c) The instrument creating the power is construed as if the power had expired when the disclaimer became effective.