457.110 Coagents and successor agents.

263 words·~1 min read·/ky/chapter-457/457-110

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)If a principal designates two

(2)or more persons to act as coagents, each coagent

may exercise its authority independently unless the power of attorney otherwise

provides.

(2)A principal may designate one

(1)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

(1)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:

(a)Has the same authority as that granted to the original agent; and

(b)May not act until all predecessor agents have resigned, died, become

incapacitated, are no longer qualified to serve, or have declined to serve.

(3)Except as otherwise provided in the power of attorney and subsection

(4)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.

(4)An agent that has actual knowledge of a breach or imminent breach of fiduciary

duty by another agent of the same principal 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.