fiduciary

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Related to fiduciary duty: Fiduciary Responsibility

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 ?
The essence of the proposed changes on the fiduciary duty issue are succinctly described in the third paragraph of the document: "A CFP professional must at all times act as a fiduciary when providing financial advice to a client, and therefore act in the best interest of the client.
This instruction should not be read if the defendant admits the existence of a common law or statutory fiduciary duty.
1st DCA 2014), pursuant to a majority opinion, the First District Court of Appeal examined whether an extensive waiver of any breach of fiduciary duty in an operating agreement was manifestly unreasonable.
This fiduciary duty is defined by a number of laws and regulations, not the least of which derive from the Uniform Prudent Investor Act and ERISA.
First, the fiduciary duty to disclose material facts does not arise where there is no fiduciary duty at all.
He argues that other "attempts to rationalize the law of fiduciary duty .
Another caveat: The existence of a limited fiduciary duty does not necessarily extend to everything the agent does.
Millar, (23) that other factors may also be relevant to directors in soundly managing with a view to the best interests of the corporation, such as the consequences of a decision to the corporation's employees or community, though the Court also acknowledged that to confer a benefit to employees without regard to the interests of shareholders would be in breach of its directors' statutory fiduciary duty.
Courts tend to move along a continuum from greater to lesser fiduciary duty as the corporation's total number of shareholders increases and management becomes separate and distinct from the controlling shareholders.
If the proposed legislation imposes a fiduciary duty on an insurance agent with respect to purchasers of insurance products, it will totally change the relationships between the parties.