26-82 - Coagents and successor agents. - Virginia Statutes

§ 26-82. Coagents and successor agents.

A. A principal may designate two or more persons to act as coagents. Unlessthe power of attorney otherwise provides, each coagent may exercise itsauthority independently.

B. A principal may designate one or more successor agents to act if an agentresigns, dies, becomes incapacitated, is not qualified to serve, or declinesto serve. A principal may grant authority to designate one or more successoragents to an agent or other person designated by name, office, or function.Unless the power of attorney otherwise provides, a successor agent: (i) hasthe same authority as that granted to the original agent; and (ii) may notact until all predecessor agents have resigned, died, become incapacitated,are no longer qualified to serve, or have declined to serve.

C. Except as otherwise provided in the power of attorney and subsection D, anagent that does not participate in or conceal a breach of fiduciary dutycommitted by another agent, including a predecessor agent, is not liable forthe actions of the other agent.

D. An agent that has actual knowledge of a breach or imminent breach offiduciary duty by another agent shall notify the principal and, if theprincipal is incapacitated, take any action reasonably appropriate in thecircumstances to safeguard the principal's best interest. An agent that failsto notify the principal or take action as required by this subsection isliable for the reasonably foreseeable damages that could have been avoided ifthe agent had notified the principal or taken such action.

(2010, cc. 455, 632.)