Section 73 — Property Law Act 2007: Release and disclaimer of powers

73 Release and disclaimer of powers (1) This section— (a) applies to a power to deal with or dispose of property whether or not the person who can exercise the power has an interest in the property to which the power relates; but (b) does not apply to the power if it is a power in the nature of a trust. (2) The person who can exercise a power may— (a) release the power by deed or contract; or (b) disclaim the power by deed. (3) The release of a power extinguishes the power. (4) If a power is disclaimed— (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. (5) Subsection (4)(b) applies subject to the terms of the instrument creating the power. Compare: 1952 No 51 s 34