Sec. 3. (a) A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable. (b) A disclaimer of an interest in property by: (1) persons eligible to receive property upon exercise of the power of appointment; or (2) a taker in default of an exercise of a power of appointment; takes effect as of the time the instrument creating the power becomes irrevocable.
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