Under the terms of the Derivative Action Agreement, Vaso Active and its named officers and directors agree, while disclaiming
any liability, to institute or maintain previously instituted corporate governance changes including, among others:
The Supreme Court addressed the issue of whether any property rights had vested in the disclaiming beneficiary.
A disclaiming heir or devisee has ultimate control as to how the property is to be distributed.
Also, the acceptance of any consideration in return for disclaiming is acceptance of the benefits of the entire interest disclaimed.
However, the accountants also pointed out that the legatees must not be promised anything in return for disclaiming.
What the person promising said, what the disclaimant understood and the motive for disclaiming were relevant in making this finding.
The IRS has stated that the nine-month period for disclaiming
an interest in jointly held property runs from the date that "title is created.
If a disclaiming
instrument does not constitute a "qualified disclaimer," the applicable interest is not treated as being disclaimed for Federal tax purposes.
2518 allows a would-be beneficiary to disclaim a gift or bequest provided that - disclaimer is in writing; - the transferor (or his legal representative) receives the written disclaimer no later than (1) nine months after the date of the transfer that created the interest the would-be beneficiary is disclaiming, or (2) if later, the day on which the would-be beneficiary turns 21; - the would-be beneficiary has not received the interest or any of its benefits; and - as a result of the disclaimer, the interest passes to a person other than the would-be beneficiary without any direction on the would-be beneficiary's part (Sec.
2518 created two major roadblocks to disclaiming an interest in a joint tenancy.