74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 999
 
                         Senate Bill 133
 
Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Attorney General Hardy
  Myers for Attorney General's Restitution Reform Task Force)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Provides that disclaimer is barred if transfer resulting from
disclaimer would be fraudulent as to creditors of disclaimant.
  Repeals requirement that Uniform Disclaimer of Property
Interests Act be construed to promote uniformity of law on
disclaimers.
 
                        A BILL FOR AN ACT
Relating to disclaimers; amending ORS 105.629 and 105.643; and
  repealing ORS 105.648 and 105.649.
Be It Enacted by the People of the State of Oregon:
  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 transfer resulting from
the disclaimer would be fraudulent as to the creditors of the
disclaimant under the provisions of ORS 95.200 to 95.310.
 
 
  (7) A disclaimer is barred if the purpose or effect of the
disclaimer is to prevent recovery of money or property under ORS
411.620. + }
    { - (6) - }  { +  (8) + } 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.
  SECTION 2. ORS 105.629 is amended to read:
  105.629. (1) A person may disclaim, in whole or part, any
interest in property or any power over property, including a
power of appointment. A person may disclaim the interest or power
even if the person who created the interest or power imposed a
spendthrift provision or similar restriction on transfer or
imposed a restriction or limitation on the right to disclaim.
  (2) Except to the extent that a fiduciary's right to disclaim
is expressly restricted or limited by another statute of this
state or by the instrument creating the fiduciary relationship, a
fiduciary may disclaim, in whole or part, any interest in
property or power over property, including a power of
appointment, without regard to whether the fiduciary is acting in
a personal or representative capacity. A fiduciary may disclaim
the interest or power even if the creator of the interest or
power 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.
  (3) To be effective, a disclaimer must:
  (a) Be in writing or otherwise recorded by inscription on a
tangible medium or by storage in an electronic or other medium in
a manner that allows the disclaimer to be retrieved in
perceivable form;
  (b) Declare that the person disclaims the interest in the
property or in the power;
  (c) Describe the interest in property or power over property
that is disclaimed;
  (d) Be signed by the person making the disclaimer; and
  (e) Be delivered or filed in the manner provided in ORS
105.642.
  (4) A partial disclaimer may be expressed as a fraction,
percentage, monetary amount, term of years, limitation of a power
or as any other interest or estate in the property.
  (5) A disclaimer is irrevocable when the disclaimer is
delivered or filed pursuant to ORS 105.642 or when the disclaimer
becomes effective as provided in ORS 105.633 to 105.641,
whichever occurs later.
  (6)  { + Except as provided in subsection (7) of this
section, + } a disclaimer made under ORS 105.623 to 105.649 is
not a transfer, assignment or release.
   { +  (7) A disclaimer made under ORS 105.623 to 105.649 is a
transfer for the purposes of ORS 95.200 to 95.310. + }
  SECTION 3.  { + ORS 105.648 and 105.649 are repealed. + }
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