If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply:
(1) if the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable;
(2) if the holder has exercised the power, the disclaimer takes effect immediately after the last exercise of the power; and
(3) the instrument creating the power is construed as if the power expired when the disclaimer became effective.
Official Publication of the State of Minnesota
Revisor of Statutes