§ 34-22-4 - Means of releasing or contracting not to exercise power.
SECTION 34-22-4
§ 34-22-4 Means of releasing orcontracting not to exercise power. – Any power of appointment or power of apportionment or any other power, whetheror not coupled with an interest, unless it is otherwise expressly provided bythe terms of the power, may be released in whole or in part by the donee ordonees of the power, or the donee or donees of the power may contract not toexercise the power in whole or in part. After the release or contract, thepower may be exercised by the other or others, if any, or the survivors orsurvivor of the others, of the persons to whom the power is given, unless thecontrary is expressed in the instrument creating the power. This section shallapply to all powers of appointment and powers of apportionment and all otherpowers, whether created before or after the original enactment of this section.Notwithstanding any other provisions of law, the release or contract shall bevalid and effective according to its terms when signed by the releasor, or bythe contracting party, as the case may be, and delivered to any other personhaving any legal or equitable interest, vested or contingent, in the propertysubject to the power; provided, however, that if the property, or any partthereof, shall consist of real estate situated in this state, the release orcontract shall not take effect with respect to the real estate unless and untilthe release or contract shall be acknowledged and recorded in the records ofland evidence in the town or city in which the real estate, or some partthereof, is situated.