fiduciary


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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 ?
Also, the Professional Fiduciary Act defines a professional fiduciary [PC Sec 6501 (f)(2)] as "a person who acts as a trustee, agent under a durable power of attorney for health care, or agent under a durable power of attorney for finances, for more than three individuals, at the same time.
Individuals who are related to the fiduciary shall not be counted.
If a legally separate entity either directly holds the assets, or holds the assets in trust, it would be a fiduciary if it: 1) is responsible for administering the exchange of assets; or 2) has assigned the responsibility for administering the exchange of assets to someone else, but retains the ability to reassign that responsibility.
Fiduciary Fund Types and the Treatment of Fiduciary-Type Component Units.
In short, fiduciary theorists see in fiduciary law a political morality from which to derive judicial constraints on political discretion.
Clearly, fiduciary duties are pervasive in modern civil society.
The answer is clear, at least to the plaintiffs' bar, who routinely allege claims for breach of fiduciary duty in what are otherwise garden variety tort cases.
The most basic duty of a fiduciary is the duty of loyalty, which obligates the fiduciary to put the interests of the beneficiary first, ahead of the fiduciary's self interest, and to refrain from exploiting the relationship for the fiduciary's personal benefit.
The key allegation in all of the fee cases is that the plan fiduciary failed to discharge its fiduciary duty because it selected investment options that charged higher fees than other equally or better-suited investment options for the plan, which resulted in lower returns and caused losses to the plan.
DeWolf decision makes it easier for individuals to sue over alleged breaches of fiduciary duty.
To be sure, the fiduciary concept is still very much contested (4) and some famously think "there is no subject here.