Iowa Code 559.1 – Release by donee of power
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Terms Used In Iowa Code 559.1
- deed: is a pplied to an instrument conveying lands, but does not imply a sealed instrument; and the words "bond" and "indenture" do not necessarily imply a seal, and the word "undertaking" means a promise or security in any form. See Iowa Code 4.1
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
559.1 Release by donee of power.
1. A power to appoint which is exercisable by deed, by will, by deed or will, or otherwise, in whole or to any extent in favor of the donee of the power, the donee’s estate, the donee’s creditors, the creditors of the donee’s estate, or others, is releasable, either with or without consideration, by written instrument executed by the donee. If such instrument shall be executed and acknowledged in the manner provided for the execution and acknowledgment of instruments affecting real estate and recorded with the county recorder in the county in which the donee of the power resides or the county of last residence of the donor of the power of the county in which any real estate which may be subject to the power is located, such recording shall be deemed a sufficient delivery of such release.
2. A power to appoint described in this section is releasable with respect to the whole or any part of the property subject to such power and is also releasable 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.
3. It is hereby declared that such releases are in accordance with the public policy of this state and are valid and effectual when made.
[C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §559.1]
2018 Acts, ch 1026, §164
Referred to in §559.6
1. A power to appoint which is exercisable by deed, by will, by deed or will, or otherwise, in whole or to any extent in favor of the donee of the power, the donee’s estate, the donee’s creditors, the creditors of the donee’s estate, or others, is releasable, either with or without consideration, by written instrument executed by the donee. If such instrument shall be executed and acknowledged in the manner provided for the execution and acknowledgment of instruments affecting real estate and recorded with the county recorder in the county in which the donee of the power resides or the county of last residence of the donor of the power of the county in which any real estate which may be subject to the power is located, such recording shall be deemed a sufficient delivery of such release.
2. A power to appoint described in this section is releasable with respect to the whole or any part of the property subject to such power and is also releasable 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.
3. It is hereby declared that such releases are in accordance with the public policy of this state and are valid and effectual when made.
[C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §559.1]
2018 Acts, ch 1026, §164
Referred to in §559.6