30.1-10.1-03. (2-1106) Disclaimer of interest in property

30.1-10.1-03. (2-1106) Disclaimer of interest in property 1. Except for disclaimers governed by sections 30.1-10.1-04 and 30.1-10.1-05, subsections 2 through 5 apply to a disclaimer of an interest in property. 2. The disclaimer takes effect as of the time the instrument creating the interest becomes irrevocable, or, if the interest arose under the law of intestate succession, as of the intestate's death. 3. The disclaimed interest passes according to a provision in the instrument creating the interest providing for the disposition of the interest, should it be disclaimed, or of disclaimed interests in general. 4. If the instrument does not contain a provision described in subsection 3 and if the disclaimant is an individual, the disclaimed interest passes as if the disclaimant had died immediately before the distribution time. However, if by law or under the instrument the descendants of the disclaimant would share in the disclaimed interest by any method of representation had the disclaimant died before the distribution time, the disclaimed interest passes only to the descendants of the disclaimant who survive the time of distribution. If the disclaimant is not an individual, the disclaimed interest passes as if the disclaimant did not exist. 5. Upon the disclaimer of a preceding interest, a future interest held by a person other than the disclaimant takes effect as if the disclaimant had died or ceased to exist immediately before the distribution time, but a future interest held by the disclaimant does not accelerate in possession or enjoyment.