Section 1. The following words as used in this chapter shall have the following meanings, unless otherwise expressly provided or the context otherwise requires:—

“Beneficiary”, any person to whom, and any estate, trust, corporation or other legal entity to which, an interest in property would pass in any manner described in section two, except for the execution and filing of a disclaimer in accordance with the provisions of this chapter.

An “interest in property” which may be disclaimed shall include:—

1. any legal or equitable interest or estate, whether present, future or contingent, in any real or personal property, or in any fractional part, share, or portion thereof, or in any specific asset or assets thereof;

2. any power to appoint, consume, apply, or expend property or any other right, power, or privilege, relating thereto;

3. any fractional part, share or portion of any interest described in clause (1) or (2).