                                 CODE OF VIRGINIA

COAGENTS AND SUCCESSOR AGENTS (§ 64.2-1609)

A. A principal may designate two or more persons to act as coagents. Unless the
power of attorney otherwise provides, each coagent may exercise its authority
independently.

B. A principal may designate one 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 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 (i) has the same
authority as that granted to the original agent; and (ii) may not act until all
predecessor agents have resigned, died, become incapacitated, are no longer
qualified to serve, or have declined to serve.

C. Except as otherwise provided in the power of attorney and subsection D, 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.

D. An agent that 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, take any action reasonably appropriate in the circumstances to
safeguard the principal&#8217;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.

HISTORY: 2010, cc. 455, 632, § 26-82; 2012, c. 614.