H.B. 1348                                               VETOES

9-203.

(A)     EXCEPT FOR A DISCLAIMER UNDER § 9-204 OR § 9-205 OF THIS SUBTITLE,
THE FOLLOWING RULES APPLY TO A DISCLAIMER OF AN INTEREST IN PROPERTY.

(B)     THE DISCLAIMER TAKES EFFECT AS OF THE TIME THE INSTRUMENT
CREATING THE INTEREST BECOMES IRREVOCABLE OR IF THE INTEREST AROSE
UNDER THE LAW OF INTESTATE SUCCESSION, AS OF THE TIME OF THE INTESTATE'S
DEATH.

(C)     THE DISCLAIMED INTEREST PASSES ACCORDING TO ANY PROVISION IN
THE INSTRUMENT CREATING THE INTEREST PROVIDING FOR THE DISPOSITION OF
THE INTEREST, SHOULD IT BE DISCLAIMED, OR OF DISCLAIMED INTERESTS IN
GENERAL.

(D)     IF THE INSTRUMENT DOES NOT CONTAIN A PROVISION DESCRIBED IN
SUBSECTION (C) OF THIS SECTION, THE FOLLOWING RULES APPLY:

(1)      (I) IF THE DISCLAIMANT IS AN INDIVIDUAL, THE DISCLAIMED
INTEREST PASSES AS IF THE DISCLAIMANT DIED IMMEDIATELY BEFORE THE TIME
OF DISTRIBUTION; OR

(II) IF BY LAW OR UNDER THE INSTRUMENT THE DESCENDANTS OF
THE DISCLAIMANT WOULD SHARE IN THE DISCLAIMED INTEREST BY ANY METHOD
OF REPRESENTATION HAD THE DISCLAIMANT DIED BEFORE THE TIME OF
DISTRIBUTION, THE DISCLAIMED INTEREST PASSES ONLY TO THE DESCENDANTS OF
THE DISCLAIMANT WHO SURVIVE THE TIME OF DISTRIBUTION; OR

(2)      IF THE DISCLAIMANT IS NOT AN INDIVIDUAL, THE DISCLAIMED
INTEREST PASSES AS IF THE DISCLAIMANT DID NOT EXIST.

(E)     UPON THE DISCLAIMER OF A PRECEDING INTEREST, A FUTURE INTEREST
HELD BY A PERSON OTHER THAN THE DISCLAIMANT TAKES EFFECT AS IF THE
DISCLAIMANT HAD DIED OR CEASED TO EXIST IMMEDIATELY BEFORE THE TIME OF
DISTRIBUTION, BUT A FUTURE INTEREST HELD BY THE DISCLAIMANT IS NOT
ACCELERATED IN POSSESSION OR ENJOYMENT.

9-204.

(A) UPON THE DEATH OF A HOLDER OF JOINTLY HELD PROPERTY, A
SURVIVING HOLDER MAY DISCLAIM IN WHOLE OR IN PART, THE GREATER OF:

(1)      A FRACTIONAL SHARE OF THE PROPERTY DETERMINED BY DIVIDING
THE NUMBER ONE BY THE NUMBER OF JOINT HOLDERS ALIVE IMMEDIATELY
BEFORE THE DEATH OF THE HOLDER TO WHOSE DEATH THE DISCLAIMER RELATES;
OR

(2)      ALL OF THE PROPERTY EXCEPT THAT PART OF THE VALUE OF THE
ENTIRE INTEREST ATTRIBUTABLE TO THE CONTRIBUTION FURNISHED BY THE
DISCLAIMANT.

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