Source: https://disclaimers.uslegal.com/disclaimer-of-property-interest/oregon-disclaimer-of-property-interest-law/
Timestamp: 2020-08-04 19:15:36
Document Index: 731631952

Matched Legal Cases: ['§112', '§112', '§112', '§112', '§112', '§112', '§112', '§112']

Oregon Disclaimer of Property Interest Law – Disclaimers
Oregon Disclaimer of Property Interest Law
Wills and Estates – Disclaimer of Property Interest – Oregon
ORS 112.650 to 112.667 may be cited as the “Uniform Disclaimer of Transfers by Will, Intestacy or Appointment Act.”
Chap. 112, §112.650 [1975 c.480 s.9 (enacted in lieu of 112.675)]
Right to disclaim interest in property; written disclaimer; contents.
A person, or the representative of a deceased, incapacitated or protected person, or any other fiduciary for a person, who is an heir, next of kin, devisee, legatee, person succeeding to a disclaimed interest, beneficiary under a testamentary instrument, or appointee under a power of appointment exercised by a testamentary instrument, may disclaim in whole or in part the right of succession to any property or interest therein, including a future interest, by delivering a written disclaimer under ORS 112.650 to 112.667. A disclaimer may be of a fractional share or of any limited interest or estate. The instrument shall describe the property or interest disclaimed, declare the disclaimer and extent thereof, and be signed by the disclaimant.
Chap. 112, §112.652 [1975 c.480 s.2 (enacted in lieu of 112.675); 1981 c.55 s.1]
When disclaimer filed; delivery; where filed; notice.
(1) An instrument disclaiming a present interest shall be delivered not later than nine months after the death of the decedent or the donee of the power.
(2) An instrument disclaiming a future interest shall be delivered not later than nine months after the event that determines that the taker of the property or interest is finally ascertained and the interest indefeasibly vested.
(3) However, in either case, as to a transfer creating an interest in the disclaimant made after December 31, 1976, and subject to tax under chapter 11, 12 or 13 of the Internal Revenue Code of 1954, as amended, a disclaimer intended as a qualified disclaimer thereunder must be delivered not later than nine months after the later of the date the transfer is made or the day on which the person disclaiming attains age 21.
(4) The disclaimer shall be delivered in person or mailed by registered or certified mail to any personal representative, or other fiduciary, of the decedent or the donee of the power or to the holder of the legal title to which the interest relates. A copy of the disclaimer may be filed in the court exercising probate jurisdiction of the county in which proceedings have been commenced for the administration of the estate of the deceased owner or deceased donee of the power or, if they have not been commenced, in which they could be commenced. If real property or an interest therein is disclaimed, a copy of the disclaimer may be recorded in the office of the recorder of the county in which the real estate is situated.
Chap. 112, §112.655 [1975 c.480 s.3 (enacted in lieu of 112.675); 1981 c.55 s.2]
Devolution of disclaimed interest.
(1) Unless the decedent or donee of the power has provided for another disposition, the property or interest disclaimed devolves:
(a) As to a present interest, as if the disclaimant had predeceased the decedent or, if the disclaimant is designated to take under a power of appointment exercised by a testamentary instrument, as if the disclaimant had predeceased the donee of the power; and
(b) As to a future interest, as if the disclaimant had died before the event determining that the taker of the property or interest had become finally ascertained and the interest is indefeasibly vested.
(2) A disclaimer relates back for all purposes to the date of the death of the decedent, or of the donee of the power, or the determinative event, as the case may be.
Chap. 112, §112.657 [1975 c.480 s.4 (enacted in lieu of 112.675); 1981 c.55 s.3]
Bar of right to disclaim; existence of right notwithstanding restriction; effect.
(1) The right to disclaim property or an interest therein is barred by:
(c) An acceptance of the property or interest or benefit thereunder; or
(d) A sale of the property or interest under judicial sale made before the disclaimer is effected.
(3) The disclaimer or the written waiver of the right to disclaim is binding upon the disclaimant or person waiving and all persons claiming through or under the disclaimant or person waiving.
Chap. 112, §112.660 [1975 c.480 s.5 (enacted in lieu of 112.675); 1981 c.55 s.4]
Effect of ORS 112.650 to 112.667 on rights under other statutes.
ORS 112.650 to 112.667 do not abridge the right of a person to waive, release, disclaim, or renounce property or an interest therein under any other statute.
Chap. 112, §112.662 [1975 c.480 s.6 (enacted in lieu of 112.675)]
Application to existing interest.
An interest in property existing on April 9, 1981, as to which, if a present interest, the time for delivering a disclaimer under ORS 112.650 to 112.667 has not expired, or if a future interest, the interest has not become indefeasibly vested or the taker finally ascertained, may be disclaimed within nine months after April 9, 1981.
Chap. 112, §112.665 [1975 c.480 s.7 (enacted in lieu of 112.675); 1981 c.55 s.5]
ORS 112.650 to 112.667 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of ORS 112.650 to 112.667 among states enacting it.
Chap. 112, §112.667 [1975 c.480 s.8 (enacted in lieu of 112.675)]
Inside Oregon Disclaimer of Property Interest Law