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This entry was published on 2014-09-22
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SECTION 5-1508
Co-agents and successor agents
General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 15
§ 5-1508. Co-agents and successor agents. 1. A principal may designate
two or more persons to act as co-agents. Unless the principal provides
otherwise in the power of attorney, the co-agents must act jointly.
However, if prompt action is required to accomplish a purpose of the
power of attorney and to avoid irreparable injury to the principal's
interest and a co-agent is unavailable because of absence, illness or
other temporary incapacity, the other co-agent or co-agents may act for
the principal. Unless the principal provides otherwise in the power of
attorney, if a vacancy occurs because of the death, resignation or
incapacity of a co-agent, the remaining agent or agents may act for the
principal.

2. A principal may designate one or more successor agents to serve, if
any initial or predecessor agent resigns, dies, becomes incapacitated,
is not qualified to serve or declines to serve. Unless the principal
provides otherwise in the power of attorney, a successor agent has the
same authority as that granted to an initial agent. A principal may
provide for specific succession rules.

3. A co-agent or a successor agent acting under a power of attorney
shall have the authority to request, receive and seek to compel a
co-agent or predecessor agent to provide a record of all receipts,
disbursements and transactions entered into by the agent on behalf of
the principal.

4. Any person, other than an estate or a trust, may act as an agent,
co-agent or successor agent under a power of attorney.