2011 Indiana Code
TITLE 32. PROPERTY
ARTICLE 17.5. UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT
CHAPTER 3. POWER TO DISCLAIM; IRREVOCABILITY OF DISCLAIMER

IC 32-17.5-3
Chapter 3. Power to Disclaim; Irrevocability of Disclaimer

IC 32-17.5-3-1
Disclaiming power or interest in property
Sec. 1. A person may disclaim, in whole or part, any interest in or power over property, including a power of appointment. A person may disclaim the interest or power even if the creator of the interest or power imposed:
(1) a spendthrift provision or similar restriction on transfer; or
(2) a restriction or limitation on the right to disclaim.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-2
Fiduciary's right to disclaim
Sec. 2. Except to the extent a fiduciary's right to disclaim is expressly restricted or limited by another statute or by the instrument creating the fiduciary relationship, a fiduciary may disclaim, in whole or part, any interest in or power over property, including a power of appointment, whether acting in a personal or representative capacity. A fiduciary may disclaim the interest or power even if:
(1) the creator of the power or interest imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim; or
(2) an instrument other than the instrument that created the fiduciary relationship imposed a restriction or limitation on the right to disclaim.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-3
Disclaimer requirements
Sec. 3. (a) As used in this section, "record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(b) A disclaimer must:
(1) be in a writing or other record;
(2) state that it is a disclaimer;
(3) describe the interest or power disclaimed;
(4) be signed by the person making the disclaimer; and
(5) be delivered or filed in the manner provided in IC 32-17.5-7.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-4
Partial disclaimer
Sec. 4. A partial disclaimer may be expressed as:
(1) a fraction;
(2) a percentage;
(3) a monetary amount;
(4) a term of years;
(5) a limitation of a power; or (6) any other interest or estate in the property.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-5
When irrevocable
Sec. 5. A disclaimer becomes irrevocable upon the occurrence of the later of the following to occur:
(1) The disclaimer is delivered or filed as set forth in IC 32-17.5-7.
(2) The disclaimer becomes effective as set forth in IC 32-17.5-4 through IC 32-17.5-6.
As added by P.L.5-2003, SEC.1.

IC 32-17.5-3-6
Disclaimer not a transaction, assignment, or release
Sec. 6. A disclaimer made under this article is not a transfer, an assignment, or a release.
As added by P.L.5-2003, SEC.1.