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Under the terms of the derivative action settlement agreement, Vaso Active, disclaiming any liability, will institute or maintain certain corporate governance measures.
To be valid, the disclaimer must be irrevocable and unqualified and signed by the disclaiming person, and it must identify the property being disclaimed.
Under the terms of the Class Action Agreement, Vaso Active, disclaiming any liability, within 10 business days of preliminary approval of the settlement by the Court, will pay into escrow for the benefit of the putative class $1,100,000 in cash and $750,000 face amount of 2-year 5% subordinated callable notes convertible at $1.
Under most state laws, disclaimers result in the bequest or inheritance passing to the person next in line to receive a share of the decedent's estate; creditors of the disclaiming heir may not reach the property.
In contrast, a disclaiming heir or devisee does not restore the status quo, for the decedent cannot be revived.
The disclaiming heirs argued that, as a result of the disclaimer, no interest in property or right to property was ever created; therefore, a Federal tax hen could not attach to the disclaimed property.
However, a disclaimer is not qualified if there is mutually bargained-for consideration that results in a promise or agreement that the disclaimant will receive a benefit for disclaiming.
By disclaiming the portion in excess of the unified credit amount, the estate may be transformed into a nontaxable estate when the disclaimed assets end up passing to the decedent's spouse.