Power of Attorney – Coagents

It is possible to appoint more than one power of attorney to serve at the same time. This is known as the appointment of coagents. Unless a power of attorney otherwise provides, each coagent may exercise its authority independently. It is possible to require the mutual consent of each agent or majority consent if there are more than two agents named. See ORC 1337.31

Generally, 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 other agent’s actions. But, if an agent has actual knowledge of a breach or imminent breach of fiduciary duty by another agent, the agent is required to notify the principal and, if the principal is incapacitated, take any action to protect the principal’s best interest. If an agent fails to notify or take action, the agent is liable for damages that were reasonably foreseeable and could have been avoided if the agent took action. See ORC 1337.31

If a successor agent, meaning one who will serve after the primary agent, the successor agent has the same authority as that granted to the original agent and may not act until all predecessor agents have resigned, died, become incapacitated, are no longer qualified to serve, or have declined to serve. See ORC 1337.31

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