The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
001
:
GENERAL PROVISIONS
(Cite as: 14 V.S.A. § 4011)
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§ 4011. Co-agents and successor agents
(a) A principal may designate two or more persons to act as co-agents. Unless the power
of attorney otherwise provides, each co-agent may exercise its authority independently.
(b) A principal may designate one or more successor agents to act if an agent resigns,
dies, becomes incapacitated or unavailable, 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:
(1) has the same authority as that granted to the original agent; and
(2) may not act until all predecessor agents have resigned, died, become incapacitated
or unavailable, are no longer qualified to serve, or have declined to serve.
(c) Except as otherwise provided in the power of attorney and subsection (d) of this section,
an agent who 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 who 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
or unavailable, take any action reasonably appropriate in the circumstances to safeguard
the principal’s best interests. An agent who 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. (Added 2023, No. 60, § 1, eff. July 1, 2023.)