702.09 Release of powers. - Wisconsin Statutes

702.09

702.09 Release of powers.

702.09(1)

(1) Except as the creating instrument expressly provides that the power cannot be released or expressly restricts the time, manner or scope of release, the donee of any power may:

702.09(1)(a)

(a) At any time completely release the donee's power;

702.09(1)(b)

(b) At any time or times release the donee's power in any one or more of the following respects:

702.09(1)(b)1.

1. As to the whole or any part of the property which is subject thereto;

702.09(1)(b)2.

2. As to any one or more persons or objects, or classes of persons or objects, in whose favor such power is exercisable;

702.09(1)(b)3.

3. So as to limit in any other respect the extent to or manner in which it may be exercised.

702.09(2)

(2) A release may be effected, either with or without consideration, by written instrument signed by the donee and delivered.

702.09(3)

(3) Delivery of a release may be accomplished in any of the following manners, but this subsection is permissive and does not preclude a determination that a release has been delivered in some other manner:

702.09(3)(a)

(a) Delivery to any person specified in the creating instrument;

702.09(3)(b)

(b) Delivery to a trustee or to one of several trustees of the property to which the power relates, or filing with the court having jurisdiction over the trust;

702.09(3)(c)

(c) Delivery to any person, other than the donee, who could be adversely affected by an exercise of the power; or

702.09(3)(d)

(d) Recording in the office of register of deeds in the county where the property is located.

702.09 - ANNOT.

History: 1993 a. 301, 486.