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Disclaiming an interest in an asset, according to IRS rules, results in such an interest never being transferred to the individual making the disclaimer--thus a disclaimer has essentially the same effect as the death of the beneficiary with regard to the interest in the disclaimed asset.
[section]2518(b) as follows: 1) Existence of an irrevocable and unqualified written refusal to accept an interest in property; 2) receipt of the written refusal by the transferor of the property interest, not later than nine months after the later of the date of the transfer creating the interest, (4) or the day on which the person disclaiming reaches age 21; 3) nonacceptance of the property interest or any of its benefits by the person disclaiming; and 4) as a result of the refusal, the interest passes without direction on the part of the person disclaiming to a person other than the person disclaiming.
The differences between "disclaiming interest" and "decertification" are this: In disclaiming interest, the union would walk away from the players and dissolve.
Furthermore, the disclaiming beneficiary must not have incurred any acceptance of benefits from the assets, and the assets must pass without direction or discretion on behalf of the disclaiming party.
This can be done either by disclaiming those types of liabilities, or by limiting your liability to the repair or replacement of whatever it is you are selling.
The most common language for disclaiming implied warranties are the words "as is" or "with all faults," or a provision that the written warranty is the only warranty given by the seller.
I'm told one English supermarket is already putting up notices disclaiming any chicken produce reared in Scotland.
By disclaiming his share and permitting the surviving spouse to take, the son not only allowed a better distribution of assets, but also may have qualified Mr.
--If you find a contract document in the bid package disclaiming the suitability of all or part of the design, assume the worst, stop work on the bid or estimate, and communicate the problem to the prime contractor along with the adjusted terms you will requite.
Outrageous contract terms used by the Kent-based outfit included disclaiming liability for anything a sales rep might say and "free" credit deals where interest built up from day one if the whole balance was not paid off by a certain date.
with holding Free-will, falling away from grace, denying Original Sin, disclaiming of magistracy, denying to assist them either in persons or purse in any of their lawful Commands, doing acts unseemly in the dispensing of the Ordinance of Baptism, not to be named among Christians." (18)
Belting asserts that contemporary artists have dispensed with what Joseph Kosuth spoke of as "historical baggage," disclaiming any compulsion to follow modernism's defining mandates as if they were universal principles.