2005 Nevada Revised Statutes - Chapter 120 — Disclaimer of Interests in Property

CHAPTER 120 - DISCLAIMER OF INTERESTS INPROPERTY

NRS 120.010 Definitions.

NRS 120.020 Rightto disclaim; requisites of disclaimer.

NRS 120.030 Timefor filing.

NRS 120.040 Placeof filing; acknowledgment, proof and recording.

NRS 120.050 Personsbound by disclaimer; waiver of right to disclaim.

NRS 120.060 Effectof disclaimer.

NRS 120.070 Acceptanceof interest precludes disclaimer.

NRS 120.080 Rightto disclaim: Spendthrift provisions and similar restrictions.

NRS 120.090 Disclaimerof interest arising before April 16, 1979.

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NRS 120.010 Definitions. As used in this chapter, unless the context otherwiserequires:

1. Beneficiary means any person entitled, but forhis disclaimer, to take an interest:

(a) By intestate succession;

(b) By devise;

(c) By legacy or bequest;

(d) By succession to a disclaimed interest;

(e) By virtue of an election to take against a will;

(f) As beneficiary of a testamentary trust;

(g) Pursuant to the exercise or nonexercise of a powerof appointment;

(h) As donee of any power of appointment;

(i) By right of survivorship; or

(j) As beneficiary of an inter vivos gift, whetheroutright or in trust.

2. Interest means the whole of any property, real orpersonal, legal or equitable, present or future, or any fractional part, shareor particular portion or specific assets thereof, or a joint tenancy or anyother estate in any such property, or power to appoint, consume, apply or expendproperty, or any other right, power, privilege or immunity relating thereto.

3. Disclaimer means a written instrument whichdeclines, refuses, renounces or disclaims any interest which would otherwise besucceeded to by a beneficiary.

4. Disclaimant means a person who executes adisclaimer. The term includes a beneficiary and his guardian, executor,administrator or general attorney-in-fact.

(Added to NRS by 1979, 220; A 1981, 781, 1377; 1991,1706)

NRS 120.020 Rightto disclaim; requisites of disclaimer. Abeneficiary who is 18 years of age or over and competent may disclaim anyinterest, in whole or in part, by filing a disclaimer as provided in thischapter. The disclaimer must:

1. Identify the decedent or donor;

2. Describe the property or part thereof or interesttherein disclaimed;

3. Declare the disclaimer and the extent thereof; and

4. Be signed by the disclaimant.

(Added to NRS by 1979, 220)

NRS 120.030 Timefor filing. A disclaimer to be effective mustbe filed within a reasonable time after the person able to disclaim acquiresknowledge of the interest.

1. Except as otherwise provided in subsection 3, adisclaimer is conclusively presumed to have been filed within a reasonable timeif filed:

(a) In case of interests created by will, within 9months after the death of the person creating the interest.

(b) In case of interests arising from intestatesuccession, within 9 months after the death of the person dying intestate.

(c) In case of interests created by inter vivos trust,within 9 months after the interest becomes indefeasibly fixed.

(d) In other cases, within 9 months after the firstknowledge of the interest is acquired by a person able to disclaim.

(e) Interests resulting from the exercise ornonexercise of a testamentary or nontestamentary power of appointment shall bedeemed created by the donee of the power.

2. If the disclaimer is not filed within the time setforth in subsection 1, the disclaimant has the burden of establishing that thedisclaimer was filed within a reasonable time after he acquired knowledge ofthe interest.

3. A disclaimer is conclusively presumed not to havebeen filed within a reasonable time after the person able to disclaim acquiredknowledge of the interest if:

(a) An interest in the property which is in whole or inpart sought to be disclaimed has been acquired by a purchaser or encumbrancerfor value subsequent to or concurrently with the creation of the interestsought to be disclaimed and before the disclaimer; and

(b) One year has elapsed from the death of the persondying intestate or creating by will the interest sought to be disclaimed, orfrom the date of the transfer by inter vivos gift, whether outright or intrust.

(Added to NRS by 1979, 220)

NRS 120.040 Placeof filing; acknowledgment, proof and recording.

1. The disclaimer must be filed:

(a) In case of interests created by will or arisingfrom intestate succession, with the district court in the county in which theestate of the decedent is administered, and a copy must be furnished to thepersonal representative of the decedent. If there is no administration, thedisclaimer must be filed with the county clerk of the county in whichadministration would be proper.

(b) In case of interests created by an inter vivostrust, with the trustee then acting, or if there is none, with the county clerkof the county where the settlor resides, or if the settlor is dead, where helast resided.

(c) In other cases, with the person creating theinterest or his successor or representative.

2. A disclaimer made pursuant to this chapter whichaffects real property or an obligation secured by real property must beacknowledged or proved, and recorded, in the same manner as a deed of realproperty. The acknowledgment or proof, the recording, or the absence of any ofthese has the same effect as for a deed of real property. Failure to file adisclaimer which is recorded pursuant to this subsection does not affect thevalidity of any transaction with respect to such real property or obligationsecured thereby.

(Added to NRS by 1979, 221)

NRS 120.050 Personsbound by disclaimer; waiver of right to disclaim.

1. A disclaimer, when effective, is binding upon thebeneficiary and all persons claiming by, through or under him.

2. A person who, under this chapter, could file adisclaimer, may instead file a written waiver of a right to disclaim. Thewaiver must be filed in the same place as the disclaimer would have been filed.The waiver, when filed, is binding upon the beneficiary and all personsclaiming by, through or under him.

(Added to NRS by 1979, 221)

NRS 120.060 Effectof disclaimer. Unless otherwise provided by anexpress reference to the possibility of a disclaimer in the will, inter vivostrust, exercise of the power of appointment, or other written instrumentcreating or finally determining an interest, the interest disclaimed, and anyfuture interest which is to take effect in possession or enjoyment at or afterthe termination of the interest disclaimed shall descend, go, be distributed orcontinue to be held as if the beneficiary disclaiming had predeceased theperson creating the interest. In every case, the disclaimer relates back forall purposes to the date of the creation of the interest.

(Added to NRS by 1979, 221)

NRS 120.070 Acceptanceof interest precludes disclaimer.

1. A disclaimer may not be made after the beneficiaryhas accepted the interest to be disclaimed, but an acceptance does not precludea beneficiary from thereafter disclaiming all or part of any interest to whichhe became entitled because another person disclaimed an interest, if thebeneficiary had no knowledge of the interest.

2. For the purposes of this chapter, if a disclaimerhas not theretofore been filed, a beneficiary has accepted an interest if he:

(a) Makes a voluntary assignment or transfer of, orcontract to assign or transfer, the interest or any part thereof;

(b) Executes a written waiver of the right to disclaimthe interest; or

(c) Sells or otherwise disposes of the interest or anypart thereof pursuant to judicial process.

(Added to NRS by 1979, 222)

NRS 120.080 Rightto disclaim: Spendthrift provisions and similar restrictions. The right to disclaim exists irrespective of anylimitation imposed on the interest of a beneficiary in the nature of anexpressed or implied spendthrift provision or similar restriction.

(Added to NRS by 1979, 222)

NRS 120.090 Disclaimerof interest arising before April 16, 1979. Anyinterest created before April 16, 1979, which has not been accepted may be disclaimedin the manner provided in this chapter.

(Added to NRS by 1979, 222)

 

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