Disclaimer of power of appointment not held in a fiduciary capacity or other power not held in a fiduciary capacity

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; (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. Added by 2019 Tenn. Acts, ch. 340,s 2, eff. 5/10/2019. 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; (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. Added by 2019 Tenn. Acts, ch. 340,s 2, eff. 5/10/2019.