(a) Any power which is exercisable by deed, by will, by deed or will, or otherwise, whether general or special, other than a power in trust which is imperative, is releasable, either with or without consideration, by written instrument signed by the grantee and delivered as provided in this section.
(b) A power which is releasable may be released with respect to the whole or any part of the property subject to such power and may also be released in such manner as to reduce or limit the persons or objects, or classes of persons or objects, in whose favor such power would otherwise be exercisable. No release of a power shall be deemed to make imperative a power which was not imperative prior to such release unless the instrument of release expressly so provides.
(c) Such release may be delivered to any of the following:
(1) Any person specified for such purpose in the instrument creating the power.
(2) Any trustee of the property to which the power relates.
(3) Any person, other than the grantee, who could be adversely affected by an exercise of the power.
(4) The judge of probate of the county in which the grantee resides or has a place of business or in which the deed, will, or other instrument creating the power is filed, for recording as provided by law with reference to the recording of deeds.
(d) This section shall apply to releases hereafter delivered and also to releases delivered heretofore but on or after July 1, 1942.