fiduciary

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Related to Fiduciary Responsibilities: Fiduciary relationship, fiduciary obligations, Fiduciary duties

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 ?
Since the costs are incurred incident to the change in ownership and not with respect to the board of directors' fiduciary responsibilities or the target's current business operations, capitalization is justified.
DES MOINES, Iowa -- Navigating fiduciary responsibilities can be a daunting task for retirement plan sponsors, but a new tool from the Principal Financial Group([R]) can help.
The DOL program, called "Getting It Right--Know Your Fiduciary Responsibilities," will provide employers and plan officials with an understanding of the law and the responsibilities which focus on steps to avoid the most common problems encountered in enforcement activities.
The fiduciary responsibilities in a tracking stock structure loom large for corporate officers and directors.
It's true that complying with local regulations and knowing the investment environment are essential to carrying out fiduciary responsibilities, and a local representative is best at handling those aspects of pension-fund management.
Despite the crowded conditions, all 65 students passed the test, earning the right to carry the AIF designation and help retirement plan sponsor clients manage their fiduciary responsibilities.
The DOL is holding nationwide seminars to improve workers' health and retirement security by educating employers and service providers about their fiduciary responsibilities under the Employee Retirement Income Security Act.
The Audit Committee Toolkit, which contains matrices, questionnaires, sample forms, checklists and other items, is designed to help audit committees uphold their fiduciary responsibilities.