(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, 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, 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 accepted appointment and 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'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.
Structure Code of Alabama
Title 26 - Infants and Incompetents.
Chapter 1A - Alabama Uniform Power of Attorney.
Article 1 - General Provisions.
Section 26-1A-101 - Short Title.
Section 26-1A-102 - Definitions.
Section 26-1A-103 - Applicability.
Section 26-1A-104 - Power of Attorney Is Durable.
Section 26-1A-105 - Execution of Power of Attorney.
Section 26-1A-106 - Validity of Power of Attorney.
Section 26-1A-107 - Meaning and Effect of Power of Attorney.
Section 26-1A-109 - When Power of Attorney Effective.
Section 26-1A-110 - Termination of Power of Attorney or Agent's Authority.
Section 26-1A-111 - Co-Agents and Successor Agents.
Section 26-1A-112 - Reimbursement and Compensation of Agent.
Section 26-1A-113 - Agent's Acceptance.
Section 26-1A-114 - Agent's Duties.
Section 26-1A-115 - Exoneration of Agent.
Section 26-1A-116 - Judicial Relief.
Section 26-1A-117 - Agent's Liability to the Principal.
Section 26-1A-118 - Agent's Resignation; Notice.
Section 26-1A-119 - Acceptance of and Reliance Upon Acknowledged Power of Attorney.
Section 26-1A-120 - Liability for Refusal to Accept Acknowledged Power of Attorney.
Section 26-1A-121 - Principles of Law and Equity.
Section 26-1A-122 - Laws Applicable to Financial Institutions and Entities.