Mississippi Renunciation and Disclaimer of Property from Life Insurance or Annuity Contract
MISSISSIPPI CODE
Title 89 REAL AND PERSONAL PROPERTY
Chapter 021 UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT
Short title.
This chapter may be cited as the "Uniform Disclaimer
of Property Interests Act."
Title 89, Chap. 021, SEC. 89-21-1.
Right to disclaim interest in property.
A person, or the representative of a person,
to whom an interest in or with respect to property or an interest therein
devolves by whatever means may disclaim it in whole or in part by delivering
or filing a written disclaimer under this chapter. The right to disclaim
exists notwithstanding (a) any limitation on the interest of the disclaimant
in the nature of a spendthrift provision or similar restriction or (b)
any restriction or limitation on the right to disclaim contained in the
governing instrument. For purposes of this section, the "representative
of a person" includes an executor of a decedent's estate, an administrator
of a decedent's estate, a conservator of a disabled person, a guardian
of a minor or incapacitated person, and an agent acting on behalf of the
person within the authority of a power of attorney. For purposes of this
section, the term "governing instrument" means a deed, will, trust, insurance
or annuity policy, account with POD designation, security registered in
beneficiary form (TOD), pension, profit-sharing, retirement, or similar
benefit plan or instrument creating or exercising a power of appointment
or a power of attorney, or a dispositive, appointive or nominative instrument
of any similar type.
Title 89, Chap. 021, SEC. 89-21-3.
Time of disclaimer.
(1) The following rules govern the time when a disclaimer
must be filed or delivered:
(a) If the property or interest has devolved to the disclaimant
under a testamentary instrument or by the laws of intestacy, the disclaimer
must be filed, if of a present interest, not later than nine (9) months
after the death of the deceased owner or deceased donee of a power of appointment
and, if of a future interest, not later than nine (9) months after the
event determining that the taker of the property or interest is finally
ascertained and his interest is indefeasibly vested. The disclaimer must
be filed in the chancery court of the county in which proceedings for the
administration of the estate of the deceased owner or deceased donee of
the power have been commenced. A copy of the disclaimer must be delivered
in person or mailed by registered or certified mail, return receipt requested,
to the executor of the decedent's estate, the administrator of the decedent's
estate, or any other fiduciary of the decedent or donee of the power.
(b) If a property or interest has devolved to the disclaimant under
a nontestamentary instrument or contract, the disclaimer must be delivered
or filed and also, if real property or an interest therein is disclaimed,
a copy of the disclaimer must be recorded in the office of the chancery
clerk of the county in which the property, or interest disclaimed, is located
if a present interest, not later than nine (9) months after the effective
date of the nontestamentary instrument or contract and, if of a future
interest, not later than nine (9) months after the event determining that
the taker of the property or interest is finally ascertained and his interest
is indefeasibly vested. If the person entitled to disclaim does not know
of the existence of the interest, the disclaimer must be delivered or filed
and also, if real property or an interest therein is disclaimed, a copy
of the disclaimer must be recorded in the office of the chancery clerk
of the county in which the property or interest disclaimed is located,
if a present interest, not later than nine (9) months after the person
learns 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 himself or another the entire legal and
equitable ownership of the interest. The disclaimer or a copy thereof must
be delivered in person or mailed by registered or certified mail, return
receipt requested, to the person who has legal title to or possession of
the interest disclaimed.
(2) A surviving joint tenant (or tenant by the entireties) may disclaim
as a separate interest any property or interest therein devolving to him
by right of survivorship. A surviving joint tenant (or tenant by the entireties)
may disclaim the entire interest in any property or interest therein that
is the subject of a joint tenancy (or tenancy by the entireties) devolving
to him, if the joint tenancy (or tenant by the entireties) was created
by act of a deceased joint tenant (or tenant by the entireties), and the
survivor did not join in creating the joint tenancy (or tenancy by the
entireties), and has not accepted a benefit under it.
(3) If real property or an interest therein is disclaimed under
subsection (1), a copy of the disclaimer may be recorded in the office
of the chancery clerk of the county in which the property or interest disclaimed
is located.
Title 89, Chap. 021, SEC. 89-21-5.
Form of disclaimer.
The disclaimer must (a) describe the property
or interest disclaimed, (b) declare the disclaimer and extent thereof,
and (c) be signed by the disclaimant.
Title 89, Chap. 021, SEC. 89-21-7.
Effect of disclaimer.
(1) The effects of a disclaimer are:
(a) If property or an interest therein devolves to a disclaimant
under a testamentary instrument, under a power of appointment exercised
by a testamentary instrument, or under the laws of intestacy, and the decedent
has not provided for another disposition of that interest, should
it be disclaimed, or of disclaimed or failed interests in general, the
disclaimed interest devolves as if the disclaimant had predeceased the
decedent, but if by law or under the testamentary instrument the descendants
of the disclaimant would take the disclaimant's share by representation
were the disclaimant to predecease the decedent, then the disclaimed interest
passes by representation to the descendants of the disclaimant who survive
the decedent. A 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 predeceased the decedent. A disclaimer relates
back for all purposes to the date of death of the decedent.
(b) If property or an interest therein devolves to a disclaimant
under a nontestamentary instrument or contract and the instrument or contract
does not provide for another disposition of that interest, should it be
disclaimed, or of disclaimed or failed interests in general, the disclaimed
interest devolves as if the disclaimant had predeceased the effective date
of the instrument or contract, but if by law or under the nontestamentary
instrument or contract the descendants of the disclaimant would take the
disclaimant's share by representation were the disclaimant to predecease
the effective date of the instrument, then the disclaimed interest passes
by representation to the descendants of the disclaimant who survive the
effective date of the instrument. A disclaimer relates back for all purposes
to that date. 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 effective date of the instrument
or contract that transferred the disclaimed interest.
(2) 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 either of them.
Title 89, Chap. 021, SEC. 89-21-9.
Waiver and bar.
The right to disclaim property or an interest
therein is barred by (a) an assignment, conveyance, encumbrance, pledge,
or transfer of the property or interest, or a contract therefor, (b) a
written waiver of the right to disclaim, (c) an acceptance of the property
or interest or a benefit under it, or (d) a sale of the property or interest
under judicial sale made before the disclaimer is made.
Title 89, Chap. 021, SEC. 89-21-11.
Remedy not exclusive.
This chapter does not abridge the right of person to waive, release,
disclaim, or renounce property or an interest therein under any other statute.
Title 89, Chap. 021, SEC. 89-21-13.
Application.
An interest in property that exists on July
1, 1994, as to which, if a present interest, the time for filing 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 (9) months after July 1, 1994.
Title 89, Chap. 021, SEC. 89-21-15.
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 89, Chap. 021, SEC. 89-21-17.
