6103 - Release or disclaimer of powers or interests.
§ 6103. Release or disclaimer of powers or interests. (a) Powers and interests releasable.--Any power of appointment, or power of consumption, whether general or special, other than a power in trust which is imperative, and any interest in, to, or over real or personal property held or owned outright, or in trust, or in any other manner which is reserved or given to any person by deed, will or otherwise, and irrespective of any limitation of such power or interest by virtue of any restriction in the nature of a so-called spendthrift trust provision, or similar provision, may be released or disclaimed, either with or without consideration by written instrument signed by the person possessing the power or the interest and delivered as hereinafter provided, but nothing in this section shall authorize an income beneficiary of a spendthrift trust to release or disclaim his right to such income, unless as a result of the release or disclaimer the released or disclaimed income will pass to one or more of the beneficiary's descendants. This section shall not apply to an interest that may be disclaimed under Chapter 62 (relating to disclaimers). (b) Form of release or disclaimer.--A power or interest which is releasable or disclaimable may be released or disclaimed either absolutely or conditionally, and may also be released or disclaimed with respect to the whole or any part of the property subject to such power or interest, and may also be released or disclaimed in such manner as to reduce or limit the persons or objects or classes of persons or objects in whose favor such power or interest would otherwise be exercisable. No release or disclaimer of a power or of an interest shall be deemed to make imperative a power or interest which was not imperative prior to such release or disclaimer unless the instrument of release or disclaimer expressly so provides. (c) Delivery of release or disclaimer.--Such release or disclaimer may be delivered to any one of the following: (1) Any person specified for such purpose in the instrument creating the power or interest. (2) Any trustee of the property to which the power or interest relates. (3) The clerk of the court having jurisdiction of the trust for filing in said court. (4) The recorder of deeds for recording in the county in which the person possessing the power or interest resides, or in which the deed, will, or other instrument creating the power or interest is recorded or filed. (d) Grantee or lienholder.--A release or disclaimer shall be void as against a bona fide grantee of or holder of a lien on real estate in any county unless the release or disclaimer or a duplicate original or certified copy thereof is recorded in the county where the real estate lies before the recording or entering of the instrument or lien under which such grantee or lienholder claims. (Dec. 10, 1974, P.L.867, No.293, eff. imd.; July 9, 1976, P.L.562, No.136, eff. imd.) 1976 Amendment. Act 136 amended subsec. (a). Section 3 of Act 136 provided that the amendment of subsec. (a) shall apply to any disclaimer hereafter made of any interest that would have devolved by reason of a transfer or death whether before or after the effective date of Act 136. 1974 Amendment. Act 293 amended subsec. (b). Section 20(b) provided that the amendment of subsec. (b) shall be retroactive to July 1, 1972. Cross References. Section 6103 is referred to in section 5603 of this title.