Tuesday, March 31, 2015


SECTION 2-1116. APPLICATION TO EXISTING RELATIONSHIPS. Except as otherwise provided in Section 2-1113, an interest in or power over property existing on the effective date of this [part] as to which the time for delivering or filing a disclaimer under law

superseded by this [part] has not expired may be disclaimed after the effective date of this [part].
This section deals with the application of the Act to existing interests and powers. It insures that disclaimers barred by the running of a time period under prior law will not be revived by the Act. For example, assume prior law, like the prior Acts and former Section 2- 801, allows the disclaimer of present interests within nine months of their creation and the disclaimer of future interests nine months after they are indefeasibly vested. Under T’s will, X receives an outright devise of a sum of money and also has a contingent remainder in a trust created under the will. The Act is effective in the jurisdiction governing the administration of T’s estate 10 months after T’s death. X cannot disclaim the general devise, irrespective of the application of Section 2-1113 of the Act, because the nine months allowed under prior law have run. The contingent remainder, however, may be disclaimed so long as it is not barred under Section 2-1113 without regard to the nine month period of prior law. 

No comments: