(a) A disclaimer shall be executed and filed pursuant to the provisions of this chapter at any time after the creation of the interest in property being disclaimed, but in any event:
(1) If a present interest, not later than nine (9) months:
(i) After the death of the deceased owner in the case of a testamentary disposition, or
(ii) After the effective date of the instrument creating the interest in the case of a nontestamentary disposition, or
(2) If a future interest, not later than nine (9) months after the event determining that the taker of the interest is in possession of it, or
(3) In the case of a beneficiary who is a surviving joint tenant or tenant by the entirety, not later than nine (9) months after the death of the other joint tenant, tenants, or tenant by the entirety, or
(4) Notwithstanding the foregoing provisions, in the case of a beneficiary under the age of twenty-one (21) at the creation of the interest, not later than nine (9) months after his or her attainment of that age; provided, that any court having jurisdiction of the property, an interest in which is being disclaimed, may, upon petition filed by the beneficiary, the duly appointed guardian or conservator of a beneficiary, or the legal representative of a deceased beneficiary's estate, permit an extension of time to execute and file a disclaimer, for any further period of time as the court in its discretion deems advisable.
(b) The effective date of a revocable instrument is the date on which the grantor no longer has the power to revoke it or to transfer to himself or herself or another the entire legal and equitable ownership of the interest.
History of Section.
P.L. 1980, ch. 392, § 2; P.L. 1984, ch. 81, § 8; P.L. 1996, ch. 395, § 1; P.L. 2011, ch. 363, § 13.