Chapter 483
AN ACT
SB 133
Relating to disclaimers; amending ORS 105.643.
Be It Enacted by the People of
the State of
SECTION 1. ORS 105.643 is amended to read:
105.643. (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 occurs before the
disclaimer becomes effective:
(a) The disclaimant
accepts the interest sought to be disclaimed;
(b) The disclaimant
voluntarily assigns, conveys, encumbers, pledges or transfers the interest
sought to be disclaimed or contracts to do so; or
(c) The interest sought
to be disclaimed is sold pursuant to a judicial sale.
(3) A disclaimer, in
whole or part, of the future exercise of a power held in a fiduciary capacity
is not barred by the previous exercise of the power.
(4) A disclaimer, in
whole or part, of the future exercise of a power not held in a fiduciary
capacity is not barred by its previous exercise unless the power is exercisable
in favor of the disclaimant.
(5) A disclaimer is
barred or limited if so provided by a law other than ORS 105.623 to 105.649.
(6) A disclaimer is
barred if the purpose or effect of the disclaimer is to prevent recovery of
money or property to be applied against a judgment for restitution under ORS
137.101 to 137.109.
[(6)] (7) A disclaimer of a power over property that is
barred under this section is ineffective. A disclaimer of an interest in
property that is barred under this section takes effect as a transfer of the
interest disclaimed to the persons who would have taken the interest under ORS
105.623 to 105.649 had the disclaimer not been barred.
Approved by the Governor June 20, 2007
Filed in the office of Secretary of State June 21, 2007
Effective date January 1, 2008
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