§ 15-2.5-403 — Method of release

Colorado § 15-2.5-403

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Uniform Powers of Appointment Act

Text

(1) A powerholder of a releasable power of
appointment may release the power in whole or in part:

(a) By substantial compliance with a method provided in the terms of the
instrument creating the power; or

(b) If the terms of the instrument creating the power do not provide a
method, or the method provided in the terms of the instrument is not expressly
made exclusive, by:

(I) Delivering a writing declaring the extent to which the power is released to
a person who could be adversely affected by an exercise of the power;

(II) Joining with some or all of the takers in default in making an otherwise-effective transfer of an interest in the property that is subject to the power, in which
case the power is released to the extent that a subsequent exercise of the power
would defeat the interest transferred;

(III) Contracting with a person who could be adversely affected by an
exercise of the power not to exercise the power, in which case the power is
released to the extent that a subsequent exercise of the power would violate the
terms of the contract; or

(IV) Communicating in any other appropriate manner an intent to release the
power, in which case the power is released to the extent that a subsequent exercise
of the power would be contrary to manifested intent.

Legislative History

Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 780, � 1, effective July 1, 2015.