sec.197Release and disclaimer of power

### sec.197 Release and disclaimer of power This section— applies to a power to dispose of property whether or not the person who can exercise the power has an interest in the property; and does not apply to a power to dispose of property if the power is in the nature of a trust. The person who can exercise the power may— release the power under a deed or contract; or disclaim the power under a deed. The release of the power extinguishes the power. If the power is disclaimed— the person who disclaimed the power may not exercise or join in the exercise of the power; but any other person who can exercise the power, and who has not disclaimed it, may continue to exercise the power. Subsection (4) (b) applies subject to the terms of the document creating the power. (sec.197-ssec.1) This section— applies to a power to dispose of property whether or not the person who can exercise the power has an interest in the property; and does not apply to a power to dispose of property if the power is in the nature of a trust. (sec.197-ssec.2) The person who can exercise the power may— release the power under a deed or contract; or disclaim the power under a deed. (sec.197-ssec.3) The release of the power extinguishes the power. (sec.197-ssec.4) If the power is disclaimed— the person who disclaimed the power may not exercise or join in the exercise of the power; but any other person who can exercise the power, and who has not disclaimed it, may continue to exercise the power. (sec.197-ssec.5) Subsection (4) (b) applies subject to the terms of the document creating the power. - (a) applies to a power to dispose of property whether or not the person who can exercise the power has an interest in the property; and - (b) does not apply to a power to dispose of property if the power is in the nature of a trust. - (a) release the power under a deed or contract; or - (b) disclaim the power under a deed. - (a) the person who disclaimed the power may not exercise or join in the exercise of the power; but - (b) any other person who can exercise the power, and who has not disclaimed it, may continue to exercise the power.