Delaware § 502 - Release of powers of appointment [For application of this section, see 79 Del. Laws, c. 172, § 6].

§ 502. Release of powers of appointment [For application of this section, see 79 Del. Laws, c. 172, § 6].

(a) Any power which is exercisable by deed, by will, by deed or will, or otherwise, whether general or nongeneral, other than a power in trust which is imperative, is releasable, either with or without consideration, by written instrument signed by the grantee and delivered as provided in this section.

(b) A power which is releasable may be released with respect to the whole or any part of the property subject to such power and may also be released in such manner as to reduce or limit the persons or objects, or classes of persons or objects, in whose favor such power would otherwise be exercisable. No release of a power shall be deemed to make imperative a power which was not imperative prior to such release, unless the instrument of release expressly so provides.

(c) A release of a power of appointment shall be effective upon delivery to any 1 of the following:

(1) Any person specified for such purpose in the instrument creating the power;

(2) Any trustee of the property to which the power relates;

(3) Any person, other than the grantee, who could be adversely affected by an exercise of the power;

(4) The recorder in any county and when so filed the recorder shall record the release in a separate docket, but any such release, recorded in any county record prior to April 7, 1947, shall be deemed to be sufficient delivery within the provisions of this section.

(d) This section shall apply to releases heretofore and hereafter executed, but nothing herein contained shall be deemed to affect the validity of any release heretofore executed.

Code 1935, §  4414a;  46 Del. Laws, c. 207, §  1;  25 Del. C. 1953, §  502;  79 Del. Laws, c. 172, §  5;  79 Del. Laws, c. 352, §  5;