1. (a) This section applies to a disclaimer of an interest in property by:

   1. (1) an object; or

   2. (2) a taker in default;

      of exercise of a power of appointment.

2. (b) At any time after the power was created, the disclaimer must be:

   1. (1) delivered to the holder of the power or to the fiduciary acting under the instrument that created the power; or
   2. (2) filed with a court having authority to appoint a fiduciary if no fiduciary is then serving.

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