If a holder disclaims a power of appointment not held in a fiduciary capacity or other power not held in a fiduciary capacity, the following rules apply:

(1) If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable;
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Terms Used In Tennessee Code 31-7-109

  • Disclaimer: means the refusal to accept an interest in or power over property. See Tennessee Code 31-7-102
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: means a personal representative, trustee, agent acting under a power of attorney, or other person authorized to act as a fiduciary with respect to the property of another person. See Tennessee Code 31-7-102
(2) If the holder 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; and
(3) The instrument creating the power is construed as if the power expired when the disclaimer became effective.
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