§ 34-22-4 — § 34-22-4. Means of releasing or contracting not to exercise power.

Rhode Island § 34-22-4

• Jurisdiction: Rhode Island
• Title 34: Property
• Ch. 34-22: Powers

Text

§ 34-22-4. Means of releasing or contracting not to exercise power.

Any power of appointment or power of apportionment or any other power, whether or not coupled with an interest, unless it is otherwise expressly provided by the terms of the power, may be released in whole or in part by the donee or donees of the power, or the donee or donees of the power may contract not to exercise the power in whole or in part. After the release or contract, the power may be exercised by the other or others, if any, or the survivors or survivor of the others, of the persons to whom the power is given, unless the contrary is expressed in the instrument creating the power. This section shall apply to all powers of appointment and powers of apportionment and all other powers, whether created before or after the original enactment of this section. Notwithstanding any other provisions of law, the release or contract shall be valid and effective according to its terms when signed by the releasor, or by the contracting party, as the case may be, and delivered to any other person having any legal or equitable interest, vested or contingent, in the property subject to the power; provided, however, that if the property, or any part thereof, shall consist of real estate situated in this state, the release or contract shall not take effect with respect to the real estate unless and until the release or contract shall be acknowledged and recorded in the records of land evidence in the town or city in which the real estate, or some part thereof, is situated.

Legislative History

G.L. 1938, ch. 488, § 5; P.L. 1943, ch. 1348, § 1; P.L. 1944, ch. 1486, § 2; G.L. 1956, § 34-22-4.