1. (a)

   1. (1) A person may disclaim in whole or in part any interest in or power over property, including a power of appointment.
   2. (2) A person may disclaim the interest or power even if the creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim.

2. (b)

   1. (1) Except to the extent that a fiduciary's right to disclaim is expressly restricted or limited by another statute of the State or by the instrument creating the fiduciary relationship, a fiduciary may disclaim in whole or in part any interest in or power over property, including a power of appointment, whether acting in a personal or representative capacity.
   2. (2) A fiduciary may disclaim the interest or power even if the creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim, or an instrument other than the instrument that created the fiduciary relationship imposed a restriction or limitation on the right to disclaim.

3. (c) To be effective, a disclaimer must:

   1. (1) Be in writing or other record;
   2. (2) Declare the disclaimer;
   3. (3) Describe the interest or power disclaimed;
   4. (4) Be signed by the person making the disclaimer; and
   5. (5) Be delivered or filed in the manner provided in § 9-209 of this subtitle.
4. (d) A partial disclaimer may be expressed as a fraction, percentage, monetary amount, term of years, limitation of a power, or any other interest or estate in the property.
5. (e) A disclaimer becomes irrevocable when it is delivered or filed pursuant to § 9-209 of this subtitle or when it becomes effective as provided in §§ 9-203 through 9-208 of this subtitle, whichever occurs later.

6. (f)

   1. (1) A disclaimer made under this subtitle is not a transfer, assignment, or release.
   2. (2) Creditors of the disclaimant have no interest in the property disclaimed.

Added by Acts 2004, c. 465, § 2, eff. Oct. 1, 2004. Amended by Acts 2007, c. 155, § 1, eff. Oct. 1, 2007; Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.