Source: https://answers.uslegal.com/wills-and-estates/disclaimer-of-property-interest/38656/
Timestamp: 2019-08-20 16:03:45
Document Index: 533964348

Matched Legal Cases: ['§ 64', '§ 64', '§ 64', '§ 64', '§ 64', '§ 64', '§ 64']

Is it possible to disclaim the pledged property under Virginia law? | Disclaimer of Property Interest Legal Questions and Answers
Is it possible to disclaim the pledged property under...
No, it is not possible to disclaim the pledged property under Virginia Law. If you have inherited property and you are in the process of disclaiming it, you cannot transfer the property. Disclamation proves that you are disinterested in that property and its interest. However, by transferring the property, you are accepting the inheritance.
The relevant provisions related to the disclaimant of the property is as follows:
Va. Code Ann. § 64.2-2611 When disclaimer barred or limited
F. A disclaimer of a power over property that is barred by this section is ineffective. A disclaimer of an interest in property that is barred by this section takes effect as a transfer of the interest disclaimed to the persons who would have taken the interest under this chapter had the disclaimer not been barred.
Va. Code Ann. § 64.2-2603 Power to disclaim; general requirements; when irrevocable
B. Except to the extent a fiduciary's right to disclaim is expressly restricted or limited by another statute of the Commonwealth 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. A fiduciary 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, or an instrument other than the instrument that created the fiduciary relationship imposed a restriction or limitation on the right to disclaim.
C. A custodial parent of a minor for whom no guardian of the property has been appointed may disclaim, in whole or in part, an interest in or power over property, including a power of appointment, that, but for the custodial parent's disclaimer, would have passed to the minor as the result of another disclaimer. The custodial parent 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.
D. To be effective, a disclaimer shall be in writing or other record, declare the disclaimer, describe the interest or power disclaimed, be signed by the person making the disclaimer, and be delivered or filed in the manner provided in § 64.2-2610. In this subsection, "record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
F. A disclaimer becomes irrevocable when it is delivered or filed pursuant to § 64.2-2610 or when it becomes effective as provided in §§ 64.2-2604 through 64.2-2609, whichever occurs later.
Va. Code Ann. § 64.2-2604 Disclaimer of interest in property
"Future interest" means an interest that takes effect in possession or enjoyment, if at all, later than the time of its creation.
"Time of distribution" means the time when a disclaimed interest would have taken effect in possession or enjoyment.
B. Except for a disclaimer governed by § 64.2-2605 or 64.2-2606, the following rules apply to a disclaimer of an interest in property:
1. 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 the intestate's death.