Renunciation And Disclaimer of Real Property Interest
Disclaimer of Property
Interest-Vermont
Vermont Statutes
TITLE 14: Decedents' Estates and Fiduciary Relations
CHAPTER 83: UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT
Right to disclaim interest in property
A person, or the representative of a deceased,
incapacitated or protected person, to whom any property or interest therein
devolves, by whatever means, may disclaim it in whole or in part by delivering
a written disclaimer under this chapter. The right to disclaim exists notwithstanding
any limitation on the interest of the disclaimant in the nature of a spendthrift
provision or similar restriction.
Title 14, Chap. 83, §1951. (Added 1985, No. 130 (Adj. Sess.).)
Time of disclaimer-Delivery
(a) Except as provided in subsection (c) of this section,
if the property or interest has devolved to the disclaimant under a testamentary
instrument or by the laws of intestacy, the disclaimer shall be delivered,
as to a present interest, not later than nine months after the death of
the deceased owner or deceased donee of a power of appointment and, as
to a future interest, not later than nine months after the event determining
that the taker of the property or interest has become finally ascertained
and his or her interest is indefeasibly vested. The disclaimer shall be
delivered in person or mailed by registered or certified mail to any personal
representative, or other fiduciary of the decedent or the donee of the
power, to the holder of the legal title to which the interest relates,
or to the person entitled to the property or interest in the event of disclaimer.
A copy of the disclaimer shall be filed in the probate court of the district
in which proceedings for the administration of the estate of the deceased
owner or deceased donee of the power have been commenced.
(b) Except as provided in subsection (c) of this section, if the
property or interest has devolved to the disclaimant under a nontestamentary
instrument or contract, the disclaimer shall be delivered, as to a present
interest, not later than nine months after the effective date of the nontestamentary
instrument or contract and, as to a future interest, not later than nine
months after the event determining that the taker of the property or interest
has become finally ascertained and his or her interest indefeasibly vested.
If the person entitled to disclaim does not have actual knowledge of the
existence of the interest, the disclaimer shall be delivered not later
than nine months after he or she has actual knowledge of the existence
of the interest. The effective date of a revocable instrument or contract
is the date on which the maker no longer has power to revoke it or to transfer
to him or herself or another the entire legal and equitable ownership of
the interest. The disclaimer shall be delivered in person or mailed by
registered or certified mail to the person who has legal title to or possession
of the interest disclaimed.
(c) In any case, as to a transfer creating an interest in the disclaimant
made after December 31, 1976, and subject to tax under chapter 11, 12,
or 13 of the Internal Revenue Code of 1986, as amended, a disclaimer intended
as a qualified disclaimer thereunder must specifically so state and must
be delivered not later than nine months after the later of the date the
transfer is made or the day on which the person disclaiming attains age
21.
(d) A surviving joint tenant or tenant by the entirety may disclaim
as a separate interest any property or interest therein devolving to him
or her by right of survivorship. A surviving joint tenant or tenant by
the entirety may disclaim the entire interest in any property or interest
therein that is the subject of a joint tenancy or tenancy by the entirety
devolving to him or her, if the joint tenancy or tenancy by the entirety
was created by act of a deceased joint tenant or tenant by the entirety
and the survivor did not join in creating the joint tenancy or tenancy
by the entirety.
(e) If real property or an interest therein is disclaimed, a copy
of the disclaimer shall be recorded in the land records of the town in
which the property or interest disclaimed is located.
Title 14, Chap. 83,§1952. (Added 1985, No. 130 (Adj. Sess.); amended
1991, No. 146 (Adj. Sess.), § 1, eff. April 28, 1992.)
Form of disclaimer
The disclaimer shall:
(3) be signed by the disclaimant. (Added 1985, No. 130 (Adj. Sess.).)
Title 14, Chap. 83, §1953.
Effect of disclaimer
(a) If the property or interest devolved to a disclaimant
under testamentary instrument or under the laws of intestacy and the deceased
owner or donee of a power of appointment has not provided for another disposition,
it devolves as if the disclaimant had predeceased the decedent or, if the
disclaimant was designated to take under a power of appointment exercised
by a testamentary instrument, as if the disclaimant had predeceased
the donee of the power. Any future interest that takes effect in possession
or enjoyment after the termination of the estate or interest disclaimed
takes effect as if the disclaimant had died before the event determining
that the taker of the property or interest had become finally ascertained
and his or her interest is indefeasibly vested. A disclaimer relates back
for all purposes to the date of death of the decedent, or of the donee
of the power, or the determinative event, as the case may be.
(b) If the property or interest devolved to a disclaimant under
a nontestamentary instrument or contract and the instrument or contract
does not provide for another disposition:
(1) it devolves as if the disclaimant had died before the
effective date of the instrument or contract; and
(2) a future interest that takes effect in possession or enjoyment
at or after the termination of the disclaimed interest takes effect as
if the disclaimant had died before the event determining that the taker
of the property or interest had become finally ascertained and his or her
interest indefeasibly vested. A disclaimer relates back for all purposes
to the effective date of the instrument or contract or the date of the
determinative event, as the case may be.
(c) The disclaimer or the written waiver of the right to disclaim is
binding upon the disclaimant or person waiving and all persons claiming
through or under him or her.
Title 14, Chap. 83, §1954. (Added 1985, No. 130 (Adj. Sess.).)
Waiver and bar
The right to disclaim property or an interest therein is barred
by
(1) an assignment, conveyance, encumbrance, pledge, or
transfer of the property or interest, or a contract therefor;
(2) an encumbrance, except that the lien for a writ of attachment
or a judgment lien shall only bar a disclaimer to the extent of the amount
of the lien;
Title 14, Chap. 83, §1955. (Added 1985, No. 130 (Adj. Sess.).)
Remedy not exclusive
This chapter does not abridge the right of a
person to waive, release, disclaim, or renounce property or an interest
therein under any other provisions of law.
Title 14, Chap. 83, §1956. (Added 1985, No. 130 (Adj. Sess.).)
Application
An interest in property that exists on July
1, 1986 as to which, if a present interest, the time for delivering a disclaimer
under this chapter has not expired or, if a future interest, the interest
has not become indefeasibly vested or the taker finally ascertained, may
be disclaimed within nine months after July 1, 1986.
Title 14, Chap. 83, §1957. (Added 1985, No. 130 (Adj. Sess.).)
Uniformity of application and construction
This chapter shall be applied and construed
to effectuate its general purpose to make uniform the law with respect
to the subject of this chapter among states enacting it.
Title 14, Chap. 83, §1958. (Added 1985, No. 130 (Adj. Sess.).)
Short title
This chapter may be cited as the Uniform Disclaimer
of Property Interests Act.
Title 14, Chap. 83, §1959. (Added 1985, No. 130 (Adj. Sess.).)
