§512-1 - Release of power by written instrument.
§512-1 Release of power by written
instrument. Any power, including any power of appointment, whether
exercisable by deed or by will or otherwise, and whether general or special,
other than an imperative power, may be released, either with or without consideration,
by written instrument executed by the donee and delivered as hereinafter
provided or as provided in the instrument creating the power.
The power may be released as to all or any part
of the property subject thereto and may be released so as to reduce or limit
the persons or objects, or classes of persons or objects, in whose favor the
power would otherwise be exercisable. No release shall make imperative any
power which was not imperative prior to the release.
Any such release may be delivered as follows:
(1) To any person specified for such purpose in the
instrument creating the power;
(2) To any trustee of the property to which the power
relates;
(3) To any person, other than the donee, who could be
adversely affected by the exercise of the power; or
(4) To the registrar of conveyances of the State in
form suitable for recording, who shall accept the same for record upon payment
of the fee provided by law. From the time of the recordation notice of the
release shall be deemed to have been given all persons. [L 1947, c 126, §1; RL
1955, §198-1; HRS §512-1]