Fiscal Note - SB 0163 - Disclaimers of Property Interests
L.R. NO. 0544-01
BILL NO. SB 163
SUBJECT: Disclaimers of Property Interests
TYPE: Original
DATE: January 20, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
The Department of Revenue (DOR) and the Office of State Courts Administrators
(CTS) assume this proposal would no fiscal impact to their agencies.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of
this proposal.
DESCRIPTION
This act creates a new chapter (Chapter 469) relating to disclaimers. The
following provisions are included in this act:
Section 456.520, RSMo: A trustee is given the power to divide any trust into
separate trusts.
DISCLAIMERS: Any individual who has a property interest may disclaim all or
a part of such interest. A disclaimed interest passes directly to the
disclaimant's heirs or takers and may not be reached by creditors of the
disclaimant (469.010).
A disclaimer is made in writing and must be delivered within 9 months after a
transfer is made to the transferor or the transferor's representative
(469.020).
Acceptance of a transfer precludes any later disclaimer. A disclaimer or
acceptance may be made by a person's representative (469.030).
A transfer subject to revocation by the transferor is not a transfer
(469.040).
Each separate interest in property may be disclaimed or accepted (469.050).
A power over property (e.g. power to transfer) is considered an interest in
such property (469.060).
A contingent future interest may be disclaimed within 9 months after all
beneficiaries of such interest have been identified (469.070).
In the case of a vested interest created by a transfer prior to 1977, such
interest is subject to disclaimer for a reasonable time after the disclaimant
is aware of the transfer (469.090).
In the case of a transfer made after 1976 that creates a vested interest in a
person under age 21, such interest is subject to disclaimer within 9 months
after such person's 21st birthday (469.100).
This chapter does not limit other property rights under other statutes or
common law (469.110) and is effective with respect to any disclaimer made
after August 13, 1982 (469.120).
The current section relating to disclaimers, set out in Section 474.490,
RSMo, is repealed.
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Department of Revenue
Office of State Courts Administrators
This Fiscal Note is not an official copy and should not be quoted or cited.