Laws of New York (Last Updated: November 21, 2014) |
GOB General Obligations |
Article 5. CREATION, DEFINITION AND ENFORCEMENT OF CONTRACTUAL OBLIGATIONS |
Title 15. STATUTORY SHORT FORM AND OTHER POWERS OF ATTORNEY FOR FINANCIAL ESTATE PLANNING |
Section 5-1508. Co-agents and successor agents
Latest version.
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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 every 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. 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.