Michigan Laws 556.118 – Release of powers; method; delivery
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(1) Unless the creating instrument expressly provides that a power cannot be released or expressly restricts the time, manner or scope of release, all powers may be released except as provided in subsection (2).
(2) Unless the creating instrument expressly provides otherwise, a special power may not be released if either the power is not presently exercisable, or the power is exercisable by a trustee or other fiduciary in a fiduciary capacity which requires the exercise of the power.
Terms Used In Michigan Laws 556.118
- Creating instrument: means a deed, will, trust agreement, or other writing or document that creates or reserves a power. See Michigan Laws 556.112
- Donee: The recipient of a gift.
- Donee: means a person to whom a power is granted or reserved. See Michigan Laws 556.112
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Power: means a power of appointment over property. See Michigan Laws 556.112
- Property: means any legal or equitable interest in real or personal property, including choses in action. See Michigan Laws 556.112
- Release: means renunciation, relinquishment, surrender, refusal to accept, and any other form of release. See Michigan Laws 556.112
- Special power: means a power, the permissible appointees of which do not include the donee, his or her estate, his or her creditors, or the creditors of his or her estate. See Michigan Laws 556.112
- Trust: means that term as defined in section 2901 of EPIC, MCL 700. See Michigan Laws 556.112
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a fiduciary or set of co-fiduciaries as described in section 2901(2)(j) of EPIC, MCL 700. See Michigan Laws 556.112
(3) The release of a power may include all or any part of the property subject to the power; reduce or limit the persons or objects, or classes of persons or objects in whose favor the power is exercisable; or limit in any other respect the extent to or the manner in which the power may be exercised.
(4) A release may be effected, either with or without consideration, by written instrument signed by the donee and delivered.
(5) Delivery of a release may be accomplished in any of the following ways, but this subsection does not preclude a determination that a release has been delivered in some other manner:
(a) Delivery to any person specified in the creating instrument.
(b) Delivery to a trustee or other fiduciary or to 1 of several trustees or other fiduciaries, other than the donee, of the property to which the power relates, or by filing with the court having jurisdiction over the trust.
(c) Delivery to any person, other than the donee, who could be adversely affected by an exercise of the power.
(d) By recording or filing in the office of the register of deeds in the county where the property is located or where the donee resides, which release shall be recorded by the register.