(1) Any person to whom
any power, whether coupled with an interest or not, is given may by deed
disclaim, release, or contract not to exercise the power, and after such
disclaimer, release, or contract shall not be capable of exercising or joining
in the exercise of the power.
(2) On such
disclaimer, release, or contract the power may be exercised by the other
person or persons or the survivor or survivors of the other persons to whom
the power is given unless the contrary is expressed in the instrument creating
the power.