55-280 - Manner of effecting release. - Virginia Statutes

§ 55-280. Manner of effecting release.

A release of a power whether partial or complete shall be valid andeffective, with or without a consideration, when the donee executes aninstrument evidencing an intent to make the release, signed and acknowledgedin the manner prescribed for the execution of deeds, and delivers theinstrument or causes it to be delivered, either:

(1) To an adult person who may take any of the property which is subject tothe power in the event of its nonexercise or to one in whose favor it may beexercised after such partial release;

(2) To any trustee or any cotrustee of the property which is subject to thepower; or

(3) By filing the same for recordation in the clerk's office which isdesignated for the recordation of deeds in the county or city in which any ofthe property is located or in which either the donee or the trustee incontrol of the property resides or in which the trustee has its principaloffice, or in which the instrument creating the power is probated or recorded.

(1944, p. 67; Michie Suppl. 1946, § 5440(3).)