Vermont § 4011 - Co-agents and successor agents

§ 4011. Co-agents and successor agents

• (a) A principal may designate two or more persons to act as co-agents. Unless the power
  of attorney otherwise provides, each co-agent may exercise its authority independently. (b) A principal may designate one or more successor agents to act if an agent resigns,
  dies, becomes incapacitated or unavailable, 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
  or unavailable, are no longer qualified to serve, or have declined to serve. (c) Except as otherwise provided in the power of attorney and subsection (d) of this section,
  an agent who 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 who 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
  or unavailable, take any action reasonably appropriate in the circumstances to safeguard
  the principal’s best interests. An agent who 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 2023, No. 60, § 1, eff. July 1, 2023.)