(1) If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the disclaimer applies only to that holder, and the following rules apply:
If the holder has not exercised the power, the disclaimer takes effect as of the timethe instrument creating the power becomes irrevocable;
If the holder has exercised the power and the disclaimer is of a power other than apresently exercisable general power of appointment, the disclaimer takes effect immediately after the last exercise of the power; and
The instrument creating the power is construed as if the power expired when thedisclaimer became effective.
Source: L. 2011: Entire part added, (SB 11-166), ch. 203, p. 864, § 1, effective August 10.