(a) If a fiduciary disclaims a power held in a fiduciary capacity which has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. (b) If a fiduciary disclaims a power held in a fiduciary capacity which has been exercised, the disclaimer takes effect immediately after the last exercise of the power. (c) A disclaimer under this section is effective as to another fiduciary if: (1) the disclaimer so provides; and (2) the fiduciary disclaiming has the authority to bind the estate, trust, or other person for whom the fiduciary is acting.
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