1. (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.

2. (b) A disclaimer of an interest in property by:

   1. (1) persons eligible to receive property upon exercise of the power of appointment; or

   2. (2) a taker in default of an exercise of a power of appointment;

      takes effect as of the time the instrument creating the power becomes irrevocable.

As added by P.L.5-2003, SEC.1.