Section 559.1 – Release by donee of power.

559.1 Release by donee of power. 1. A power to appoint which is exercisable by deed, by will, by deed or will, or otherwise, in whole or to any extent in favor of the donee of the power, the donee’s estate, the donee’s creditors, the creditors of the donee’s estate, or others, is releasable, either […]

Section 559.2 – Definition — scope of power.

559.2 Definition — scope of power. The term “power to appoint” as used in this chapter, shall mean and include all powers which are in substance and effect powers of appointment, regardless of the language used in creating them and whether they are: 1. General, special, or otherwise. 2. Vested, contingent, or conditional. 3. In […]

Section 559.3 – Release by one donee exclusive of others.

559.3 Release by one donee exclusive of others. If a power to appoint is or may be exercisable by two or more persons either in an individual or fiduciary capacity in conjunction with one another or successively, a release or disclaimer of the power in whole or in part executed by any one of the […]

Section 559.4 – Limiting release.

559.4 Limiting release. A release of a power to appoint may also be made for life or lives or for a specified period of time. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §559.4]

Section 559.5 – Disclaimer.

559.5 Disclaimer. A donee of a power to appoint may disclaim the same at any time, wholly or in part, in the same manner and to the same extent as the donee might release it. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §559.5]

Section 559.6 – Delivery.

559.6 Delivery. A release or disclaimer may be delivered to any of the following: 1. Any person who could be adversely affected by the exercise of the power. 2. Any trustee of the property to which the power relates. 3. Any person specified for such purpose in the instrument creating the power. 4. The county […]

Section 559.7 – Other lawful means.

559.7 Other lawful means. Nothing contained in this chapter shall prevent the release of any power to appoint or the disclaimer thereof in any lawful manner. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §559.7]

Section 559.8 – Declaration of common law.

559.8 Declaration of common law. This chapter shall be deemed declaratory of the common law of this state and it shall be liberally construed so as to effectuate the intent that all powers to appoint whatsoever shall be releasable. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §559.8]

Section 559.9 – Applicability.

559.9 Applicability. This chapter shall apply to releases and disclaimers heretofore or hereafter delivered. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §559.9]