COURT OF CHANCERY - PROVIDING FOR RELEASE OF POWERS OF APPOINTMENT
AN ACT TO AMEND CHAPTER 117 OF THE REVISED CODE OF DELAWARE, 1935, AS AMENDED, BY PROVIDING FOR THE RELEASE OF POWERS OF APPOINTMENT.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That Chapter 117 of the Revised Code of Delaware, 1935, as amended, be and the same is hereby further amended by enacting and inserting after 4414. Sec. 48. of Chapter 117 a new section to be known as 4414a. Sec. 48a. as follows:
4414a. Sec. 48a. Release of Powers of Appointment:--(1) Any power which is exercisable by deed, by will, by deed or will, or otherwise, whether general or special, 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 hereinafter provided.
(2) 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.
(3) Such release may be delivered to any of the following:
(a)Any person specified for such purpose in the instrument creating the power.
()Any trustee of the property to which the power relates.
(a)Any person, other than the grantee, who could be adversely affected by an exercise of the power.
(d) The Recorder of Deeds in any county and when so filed the Recorder of Deeds shall record the same in a separate docket, provided, however, that any such release, recorded in any county record prior to the passage of this act shall be deemed to be sufficient delivery within the provisions of this Act.
(4) 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.
Approved April 7, 1947.