Chap. 63.—An ACT to provide the procedure for releasing of powers of appoint-
ment in whole or in part. a [S 61]

Approved February 26, 1944

Be it enacted by the General Assembly of Virginia:

1. Section 1. Definitions—When used in this act unless the context
otherwise requires:

(a) “Power” includes any power to appoint or designate to whom
property shall go, any power to invade property, any power to alter,
amend or revoke any instrument under which an estate or trust is held
or created or to terminate any right or interest thereunder, and any power
remaining where one or more partial releases have heretofore or here-
after been made with respect to a power, whether heretofore or hereafter
created or reserved, whether vested, contingent or conditional, and wheth-
er classified in law or known as a power in gross, a power appendant, a
power appurtenant, a collateral power, a general, special or limited power,
an exclusive or non-exclusive power, or otherwise, and irrespective of
when, in what manner, or in whose favor, it may be exercised.

(b) ‘Donee” means any person whether resident or non-resident ot
this State who, either alone or with another has the right to exercise a
power. ,

(c) “Objects” when used in connection with a power means the
persons in whose favor the power may be exercised.

(d) “Property” when used in connection with a power means any
and all property, whether real or personal, any and all interest in property,
and any and all income from property, which is subject to the power,
and includes any part of the property, any part of the interest in property,
and any part of the income from property.

(e) “Release” means renunciation, relinquishment, surrender, re-
fusal to accept, extinguishment, and any other form of release.

Section 2. Right to Release—Unless the instrument creating the
power specifically provides to the contrary, the donee of a power, whether
now existing or hereafter created, may :

(a) At any time completely release his power.

(b) At any time or times release his power: (one) As to any prop-
erty which is subject thereto; (two) As to any one or more of the ob-
jects thereof; or (three) So as to limit in any other respect the extent
to which it may be exercised.

Section 3. Manner of Effecting Release. — A release of a power
whether partial or complete shall be valid and effective, with or without a
consideration, when the donee executes an instrument evidencing an in-
tent to make the release, signed and acknowledged in the manner pre-
scribed for the execution of deeds, and delivers the instrument or causes
it to be delivered, either :

(a) To an adult person who may take any of the property which
is subject to the. power in the event of its non-exercise or to one in whose
favor it may be exercised after such partial release ; or

(b) To any trustee or any co-trustee of the property which is sub-
ject to the power; or |

(c) By filing the same for recordation in the clerk’s office which is
designated for the recordation of deeds in the county or city in which
any of the property is located or in which either the donee or the trustee
in control of the property resides or in which the trustee has its principal
office, or in which the instrument creating the power is probated or re-
corded.

Section 4. Release Heretofore Made.—A release of a power executed
prior to the effective date of this act shall have the same effect as if this
act had been in effect at the time the release was executed and delivered.

Section 5. Right of Release Not Exclusive.—The rights and means
provided for in this act for the release of a power are not exclusive, but
are in addition to all other rights and means of a donee to release a power
in whole or in part.

Section 6. No fiduciary or other person, association or corporation
having the possession or control of any property subject to a power of
appointment (other than the donee or holder of such power) shall be
deemed to have notice of a release of the power unless and until the orig1-
nal or a copy of the release is delivered to such fiduciary or other person,
association or corporation.

Section 7. No purchaser or mortgagee of real property subject to a
power of appointment who is without actual notice shall be deemed to
have notice of a release of the power unless and until the original or dupli-
cate original is filed for record in the clerk’s office which is designated for
the recordation of deeds in the county or city in which the particular
real property so purchased or mortgaged is located, and unless and until
the deed, will or other instrument creating the power, or a duly attested
copy thereof, is recorded in the same office, and unless and until an ap-
propriate notation is entered on the margin of the will or deed book where
the instrument creating the power is recorded referring to the deed book
and page where the release 1s recorded.

Section 8. Clerks of courts are authorized and directed to record
releases of powers of appointment in the books provided for the recorda-
tion of deeds and to index the same in the current and general indexes,
the name of the donee being entered on the grantor index, and to charge
therefor at the rate applicable to deeds. A flat tax of five dollars is hereby
imposed on the recordation of each such release.

Section 9. No release shall be invalid or ineffective because of failure
to comply with either section six or section seven of this act. -

Section 10. Conflicting Provisions——In so far as the provisions of
this act may conflict with other acts or parts thereof, the provisions of this
act shall control.

Section 11. Severability— If any provisions of this act or the appli-
cation thereof is held invalid, such invalidity shall not affect the other
provisions or applications of the act which can be given effect without
the invaiud provision or application, and to this end the provisions of this
act are declared to be severable.

Section 12. Emergency Clause—An emergency is declared to exist
and this act shall take effect upon its passage.

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