The interest of the donee of a power of appointment, and of any
appointee thereunder, has priority with respect to real property subject
thereto, as against creditors, purchasers or incumbrancers, in good
faith and without notice, of or from a person having an estate in such
property, only from the time at which the instrument creating the power
is duly recorded. As against all other persons, such interest has
priority from the time at which the instrument creating the power takes
effect.