USA Statutes : nevada
Title : Title 10 - PROPERTY RIGHTS AND TRANSACTIONS
Chapter : CHAPTER 120 - DISCLAIMER OF INTERESTS IN PROPERTY
As used in this chapter, unless the
context otherwise requires:
1. “Beneficiary” means any person entitled, but for his
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 power of
appointment;
(h) As donee of any power of appointment;
(i) By right of survivorship; or
(j) As beneficiary of an inter vivos gift, whether outright or in
trust.
2. “Interest” means the whole of any property, real or personal,
legal or equitable, present or future, or any fractional part, share or
particular portion or specific assets thereof, or a joint tenancy or any
other estate in any such property, or power to appoint, consume, apply or
expend property, or any other right, power, privilege or immunity
relating thereto.
3. “Disclaimer” means a written instrument which declines,
refuses, renounces or disclaims any interest which would otherwise be
succeeded to by a beneficiary.
4. “Disclaimant” means a person who executes a disclaimer. 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)
A
beneficiary who is 18 years of age or over and competent may disclaim any
interest, in whole or in part, by filing a disclaimer as provided in this
chapter. The disclaimer must:
1. Identify the decedent or donor;
2. Describe the property or part thereof or interest therein
disclaimed;
3. Declare the disclaimer and the extent thereof; and
4. Be signed by the disclaimant.
(Added to NRS by 1979, 220)
A disclaimer to be effective must be
filed within a reasonable time after the person able to disclaim acquires
knowledge of the interest.
1. Except as otherwise provided in subsection 3, a disclaimer is
conclusively presumed to have been filed within a reasonable time if
filed:
(a) In case of interests created by will, within 9 months after the
death of the person creating the interest.
(b) In case of interests arising from intestate succession, 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 first knowledge of
the interest is acquired by a person able to disclaim.
(e) Interests resulting from the exercise or nonexercise of a
testamentary or nontestamentary power of appointment shall be deemed
created by the donee of the power.
2. If the disclaimer is not filed within the time set forth in
subsection 1, the disclaimant has the burden of establishing that the
disclaimer was filed within a reasonable time after he acquired knowledge
of the interest.
3. A disclaimer is conclusively presumed not to have been filed
within a reasonable time after the person able to disclaim acquired
knowledge of the interest if:
(a) An interest in the property which is in whole or in part sought
to be disclaimed has been acquired by a purchaser or encumbrancer for
value subsequent to or concurrently with the creation of the interest
sought to be disclaimed and before the disclaimer; and
(b) One year has elapsed from the death of the person dying
intestate or creating by will the interest sought to be disclaimed, or
from the date of the transfer by inter vivos gift, whether outright or in
trust.
(Added to NRS by 1979, 220)
1. The disclaimer must be filed:
(a) In case of interests created by will or arising from intestate
succession, with the district court in the county in which the estate of
the decedent is administered, and a copy must be furnished to the
personal representative of the decedent. If there is no administration,
the disclaimer must be filed with the county clerk of the county in which
administration would be proper.
(b) In case of interests created by an inter vivos trust, with the
trustee then acting, or if there is none, with the county clerk of the
county where the settlor resides, or if the settlor is dead, where he
last resided.
(c) In other cases, with the person creating the interest or his
successor or representative.
2. A disclaimer made pursuant to this chapter which affects real
property or an obligation secured by real property must be acknowledged
or proved, and recorded, in the same manner as a deed of real property.
The acknowledgment or proof, the recording, or the absence of any of
these has the same effect as for a deed of real property. Failure to file
a disclaimer which is recorded pursuant to this subsection does not
affect the validity of any transaction with respect to such real property
or obligation secured thereby.
(Added to NRS by 1979, 221)
1. A disclaimer, when effective, is binding upon the beneficiary
and all persons claiming by, through or under him.
2. A person who, under this chapter, could file a disclaimer, may
instead file a written waiver of a right to disclaim. The waiver 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 persons
claiming by, through or under him.
(Added to NRS by 1979, 221)
Unless otherwise provided by an
express reference to the possibility of a disclaimer in the will, inter
vivos trust, exercise of the power of appointment, or other written
instrument creating or finally determining an interest, the interest
disclaimed, and any future interest which is to take effect in possession
or enjoyment at or after the termination of the interest disclaimed shall
descend, go, be distributed or continue to be held as if the beneficiary
disclaiming had predeceased the person creating the interest. In every
case, the disclaimer relates back for all purposes to the date of the
creation of the interest.
(Added to NRS by 1979, 221)
1. A disclaimer may not be made after the beneficiary has accepted
the interest to be disclaimed, but an acceptance does not preclude a
beneficiary from thereafter disclaiming all or part of any interest to
which he became entitled because another person disclaimed an interest,
if the beneficiary had no knowledge of the interest.
2. For the purposes of this chapter, if a disclaimer has not
theretofore been filed, a beneficiary has accepted an interest if he:
(a) Makes a voluntary assignment or transfer of, or contract to
assign or transfer, the interest or any part thereof;
(b) Executes a written waiver of the right to disclaim the
interest; or
(c) Sells or otherwise disposes of the interest or any part thereof
pursuant to judicial process.
(Added to NRS by 1979, 222)
The right to disclaim exists irrespective of any
limitation imposed on the interest of a beneficiary in the nature of an
expressed or implied spendthrift provision or similar restriction.
(Added to NRS by 1979, 222)
Any interest created before April 16, 1979, which has not been accepted
may be disclaimed in the manner provided in this chapter.
(Added to NRS by 1979, 222)
