fiduciary

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Related to Fiduciary relationship: fiduciary duty

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 ?
in the Ingram case if a preexisting, formal fiduciary relationship is
The Supreme Court of Canada ruled unanimously that since a doctor is in a fiduciary relationship with their patients, this may, "in all but a small number of circumstances", (41) give rise to a right of access to medical records.
Finally, when a fiduciary relationship exists between parties, misrepresentations of opinion can be actionable as fraud under this specialized duty of good faith.
In Hodgkinson the court acknowledged that the test is most useful when seeking to develop a whole new class of fiduciary relationship.
However, Toohey J's broad conception of the fiduciary relationship has been criticised on a policy basis (112) and has not been adopted in subsequent cases.
However, many nonattest advisory services performed for attest clients can lead to fiduciary relationships.
Fiduciary relationships involve duties of trust and confidence.
Underlying the fiduciary relationship is the element of trust, which is a necessary condition of social harmony and of the proper functioning of organizations.
Acting Presiding Justice Eugene Premo wrote in an opinion explaining the panel's ruling that a fiduciary relationship may affect how much effort a client can be expected to put into identifying a problem.
While the AICPA's Code of Professional Conduct explains how our responsibility "is closely analogous to a fiduciary relationship," I argue that today, our responsibility to society and our fiduciary responsibility to its corporate citizens are effectively the same.
It follows that the state's assumption of sovereign powers--public powers that private parties are not entitled to exercise--places it in a fiduciary relationship with its people.