Nev. Rev. Stat. § 120.100
Short title
This chapter may be cited as the Uniform Disclaimer of Property Interests Act (1999).
Nevada Revised Statutes Chapter 120 — Disclaimer of Property Interests (Uniform Act)
Nevada · statute · Nev. Rev. Stat. ch. 120 · 26 active provisions
Nev. Rev. Stat. § 120.110
Definitions
As used in this chapter, the words and terms defined in NRS 120.120 to 120.190, inclusive, have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 120.120
“Disclaimant” defined
“Disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made.
Nev. Rev. Stat. § 120.130
“Disclaimed interest” defined
“Disclaimed interest” means the interest that would have passed to the disclaimant had the disclaimer not been made.
Nev. Rev. Stat. § 120.140
“Disclaimer” defined
“Disclaimer” means the refusal to accept an interest in or power over property.
Nev. Rev. Stat. § 120.150
“Fiduciary” defined
“Fiduciary” means a personal representative, trustee, agent acting under a power of attorney or other person authorized to act as a fiduciary with respect to the property of another person.
Nev. Rev. Stat. § 120.160
“Jointly held property” defined
“Jointly held property” means property held in the name of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property.
Nev. Rev. Stat. § 120.170
“Person” defined
“Person” means an individual, corporation, business trust, estate, trust, partnership, limited-liability company, association, joint venture, public corporation, government, governmental subdivision, agency or instrumentality, or any other legal or commercial entity.
Nev. Rev. Stat. § 120.180
“State” defined
“State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band, or Alaskan native village, recognized by federal law or formally acknowl…
Nev. Rev. Stat. § 120.190
“Trust” defined
“Trust” means: 1. An express trust, charitable or noncharitable, with additions thereto, whenever and however created; and 2. A trust created pursuant to a statute, judgment or decree which requires the trust to be administered in the manner of an express trust.
Nev. Rev. Stat. § 120.200
Scope
This chapter applies to disclaimers of any interest in or power over property, whenever created.
Nev. Rev. Stat. § 120.210
Chapter supplemented by other law
1. Unless displaced by a provision of this chapter, the principles of law and equity supplement this chapter. 2. This chapter does not limit any right of a person to waive, release, disclaim or renounce an interest in or power over property under a law other than this chapter.
Nev. Rev. Stat. § 120.220
Power to disclaim; general requirements; when irrevocable
1. A person may disclaim, in whole or part, any interest in or power over property, including a power of appointment. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim. 2. Except to t…
Nev. Rev. Stat. § 120.230
Disclaimer of interest in property
1. Except for a disclaimer governed by NRS 120.240 or 120.250, the following rules apply to a disclaimer of an interest in property: (a) The disclaimer takes effect as of the time the instrument creating the interest becomes irrevocable or, if the interest arose under the law of intestate succession, as of the time of…
Nev. Rev. Stat. § 120.240
Disclaimer of rights of survivorship in jointly held property
1. Upon the death of a holder of jointly held property, a surviving holder may disclaim, in whole or part, the greater of: (a) A fractional share of the property determined by dividing the number 1 by the number of joint holders alive immediately before the death of the holder to whose death the disclaimer relates; or…
Nev. Rev. Stat. § 120.250
Disclaimer of interest by trustee
If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property.
Nev. Rev. Stat. § 120.260
Disclaimer of power of appointment or other power not held in fiduciary capacity
If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply: 1. If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. 2. If the holder has exercised the power and the discla…
Nev. Rev. Stat. § 120.270
Disclaimer by appointee, object or taker in default of exercise of power of appointment
1. 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. A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect a…
Nev. Rev. Stat. § 120.280
Disclaimer of power held in fiduciary capacity
1. If a fiduciary disclaims a power held in a fiduciary capacity which has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. 2. If a fiduciary disclaims a power held in a fiduciary capacity which has been exercised, the disclaimer takes effect immediat…
Nev. Rev. Stat. § 120.290
Delivery or filing
1. Subject to subsections 2 to 11, inclusive, delivery of a disclaimer may be effected by personal delivery, first-class mail or any other method likely to result in its receipt. 2. In the case of an interest created under the law of intestate succession or an interest created by will, other than an interest in a testa…
Nev. Rev. Stat. § 120.300
When disclaimer barred or limited
1. A disclaimer is barred by a written waiver of the right to disclaim. 2. A disclaimer of an interest in property is barred if any of the following events occur before the disclaimer becomes effective: (a) The disclaimant accepts the interest sought to be disclaimed; (b) The disclaimant voluntarily assigns, conveys, e…
Nev. Rev. Stat. § 120.310
Tax qualified disclaimer
Notwithstanding any other provision of this chapter, if as a result of a disclaimer or transfer the disclaimed or transferred interest is treated pursuant to the provisions of Title 26 of the United States Code, as now or hereafter amended, or any successor statute thereto, and the regulations promulgated thereunder, a…
Nev. Rev. Stat. § 120.320
Recording of disclaimer
If an instrument transferring an interest in or power over property subject to a disclaimer is required or permitted by law to be filed, recorded or registered, the disclaimer may be so filed, recorded or registered. Except as otherwise provided in paragraph (b) of subsection 6 of NRS 120.290, failure to file, record o…
Nev. Rev. Stat. § 120.330
Application to existing relationships
Except as otherwise provided in NRS 120.300, an interest in or power over property existing on October 1, 2007, as to which the time for delivering or filing a disclaimer under law superseded by this chapter has not expired may be disclaimed after October 1, 2007.
Nev. Rev. Stat. § 120.340
Relation to Electronic Signatures in Global and National Commerce Act
This chapter modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §§ 7001 et seq., but does not modify, limit or supersede section 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices described in section 103(b) of th…
Page 1 of 2Next →