Section 5-1508. Co-agents and successor agents  


Latest version.
  • 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.