Oklahoma § 58-3011 - Coagents and successor agents

§ 58-3011. Coagents and successor agents

A. A principal may designate two or more persons to act as

coagents. Unless the power of attorney otherwise provides, each

coagent may exercise its authority independently.

B. A principal may designate one or more successor agents to

act if an agent resigns, dies, becomes incapacitated, is not

qualified to serve or declines to serve. A principal may grant

authority to designate one or more successor agents to an agent or

other person designated by name, office or function. Unless the

power of attorney otherwise provides, a successor agent:

1. Has the same authority as that granted to the original

agent; and

2. May not act until all predecessor agents have resigned,

died, become incapacitated, are no longer qualified to serve or have

declined to serve.

Oklahoma Statutes - Title 58. Probate Procedure

C. Except as otherwise provided in the power of attorney and

subsection D of this section, an agent that does not participate in

or conceal a breach of fiduciary duty committed by another agent,

including a predecessor agent, is not liable for the actions of the

other agent.

D. An agent that has actual knowledge of a breach or imminent

breach of fiduciary duty by another agent shall notify the principal

and, if the principal is incapacitated, take any action reasonably

appropriate in the circumstances to safeguard the principal's best

interest. An agent that fails to notify the principal or take

action as required by this subsection is liable for the reasonably

foreseeable damages that could have been avoided if the agent had

notified the principal or taken such action.

Added by Laws 2021, c. 332, § 11, eff. Nov. 1, 2021.