§ 5-1508 — Co-agents and successor agents

New York § 5-1508

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 15: Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning
• Art. 5: Creation, Definition and Enforcement of Contractual Obligations

Text

§ 5-1508. Co-agents and successor agents. 1. A principal may designate\ntwo or more persons to act as co-agents. Unless the principal provides\notherwise in the power of attorney, the co-agents must act jointly.\nHowever, if prompt action is required to accomplish a purpose of the\npower of attorney and to avoid irreparable injury to the principal's\ninterest and a co-agent is unavailable because of absence, illness or\nother temporary incapacity, the other co-agent or co-agents may act for\nthe principal. Unless the principal provides otherwise in the power of\nattorney, if a vacancy occurs because of the death, resignation or\nincapacity of a co-agent, the remaining agent or agents may act for the\nprincipal.\n 2. A principal may designate one or more successor agents to serve, if\nany initial or predecessor agent resigns, dies, becomes incapacitated,\nis not qualified to serve or declines to serve. Unless the principal\nprovides otherwise in the power of attorney, a successor agent has the\nsame authority as that granted to an initial agent. A principal may\nprovide for specific succession rules.\n 3. A co-agent or a successor agent acting under a power of attorney\nshall have the authority to request, receive and seek to compel a\nco-agent or predecessor agent to provide a record of all receipts,\ndisbursements and transactions entered into by the agent on behalf of\nthe principal.\n 4. Any person, other than an estate or a trust, may act as an agent,\nco-agent or successor agent under a power of attorney.\n