fiduciary

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Related to Fiduciary obligation: fiduciary duty, Fiduciary relationship

fiduciary

(fĭdo͞o`shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. Among the common fiduciary relationships are guardian to ward, parent to child, lawyer to client, corporate director to corporation, trustee to trusttrust,
in law, arrangement whereby property legally owned by one person is administered for the benefit of another. Three parties are ordinarily needed for the relation to arise: the settlor, who bequeaths or deeds the property for another's benefit; the trustee, in whose hands
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, and business partner to business partner. In discharging a trust, the fiduciary must be absolutely open and fair. Certain business methods that would be acceptable between independent parties dealing with one another "at arm's length" may expose a fiduciary to liability for having abused a position of trust. Thus, in an ordinary business transaction the prospective purchaser of land need not inform the seller of an imminent rise in realty values, but one buying land from a partner must disclose such information. In many cases courts will treat an unexplained profit derived from a fiduciary relationship as an instance of constructive fraudfraud,
in law, willful misrepresentation intended to deprive another of some right. The offense, generally only a tort, may also constitute the crime of false pretenses. Frauds are either actual or constructive.
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fiduciary

Law
1. a person bound to act for another's benefit, as a trustee in relation to his beneficiary
2. 
a. having the nature of a trust
b. of or relating to a trust or trustee
References in periodicals archive ?
That question is whether looking at the issues of fiduciary conflicts of interest in the manner Valsan does assists us in discerning the raison d'etre of fiduciary obligation.
is consistent with--and demanded by--the over-arching fiduciary obligation owed by public decision-makers to both the public at large and the individuals immediately affected by their decisions.
As part of the judgment, the court also found that Fidelity was a fiduciary to the plan and breached its fiduciary obligations when it failed to distribute for the benefit of the plan "float" income (i.
45) Therein, the Court ruled that: (a) vulnerability alone is insufficient to support a fiduciary claim; and (b) fiduciary obligations will not be imposed on a party purely on the basis that they have chosen to act in the best interests of another.
33) It enables a shareholder to waive certain rights in exchange for a release of fiduciary obligations based merely on shareholder status.
For instance, could the fiduciary obligation of members be officially created by statute?
120) A fiduciary obligation could not 'forbid what the legislation permitted.
Kidd grounds most of her argument in trust legislation and case law, and this is very effective at posing a legal claim regarding the fiduciary obligations of the Queensland government.
According to PACE, the company should have been required to review the offer more fully because the merger would have served as a termination of the plan and thus carried a fiduciary obligation.
This is an area for pension plan advisers to exert influence on the plan sponsor and suggest periodic reviews of the plan document--especially as the company gets bigger and starts having more people and dollars in the plan--to ensure full understanding of the sponsor's fiduciary obligations.
Martha Stewart had no fiduciary obligation to anyone, and no one had ever been charged before with insider trading because his broker tipped him to another customer's sales.
While further work is required, a justification might proceed as follows: Fiduciary obligations are recognized and legally enforced by the courts in response to relationships characterized by inequality of power, dependence, and trust.