(1) A powerholder of a releasable power of appointment may release the power in whole or in part:
By substantial compliance with a method provided in the terms of the instrumentcreating the power; or
If the terms of the instrument creating the power do not provide a method, or themethod provided in the terms of the instrument is not expressly made exclusive, by:
Delivering a writing declaring the extent to which the power is released to a personwho could be adversely affected by an exercise of the power;
Joining with some or all of the takers in default in making an otherwise-effectivetransfer of an interest in the property that is subject to the power, in which case the power is released to the extent that a subsequent exercise of the power would defeat the interest transferred;
Contracting with a person who could be adversely affected by an exercise of thepower not to exercise the power, in which case the power is released to the extent that a subsequent exercise of the power would violate the terms of the contract; or
Communicating in any other appropriate manner an intent to release the power, inwhich case the power is released to the extent that a subsequent exercise of the power would be contrary to manifested intent.
Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 780, § 1, effective July 1, 2015.