Disclaimer by appointee, object or taker in default of exercise of power of appointment
Known as the Uniform Disclaimer of Property Interests Act
The act spans §§ 45-2-1001 to 45-2-914 (118 sections).
Laws 2001, ch. 290, § 10; 1978 Comp., § 46-10-10 recompiled as § 45-2-1110 by Laws 2011, ch. 124, § 101.
A. A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable.
B. A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect as of the time the instrument creating the power becomes irrevocable.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.