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 ?
Most employers therefore mistakenly believe that their advisors assume complete fiduciary responsibility for investment fund selection and the investment process.
Advisors who assume fiduciary responsibility for investments
Fi360 offers training, tools and resources to promote a culture of fiduciary responsibility and improve the decision making processes of investment fiduciaries - individuals who manage money for others.
The Appeal Board reviewed the written appeal and found the Respondent had a fiduciary responsibility to the common elements of the building.
However, the steps that CPAs should take to avoid fiduciary responsibility, such as limiting clients' reliance on certain services, may also impair the strength of trusted CPA-client relationships.
Since managing investments is often not a small-business owner's forte, it is their fiduciary responsibility to delegate that action to a third-party service provider "who can do the research and advise the sponsor on all the sectors of the market in determining what would be an appropriate asset allocation, and which managers should be selected," says Framson.
But the government takes a narrow interpretation of that, and tries to pass that fiduciary responsibility to the provincial governments.
Finally, NSC argued that the takeover-related costs should be deductible because the "dominant aspect" of the expenditures was to ensure the directors' satisfaction of their fiduciary responsibility to the shareholders.
In addition a ruling in favor of the trust would allow a fiduciary to argue he or she incurred all expenditures as a result of his or her fiduciary responsibility and, thus, the ruling would nullify the second requirement.
I think you have a fiduciary responsibility to the public to put it out there and see what we get.
A new AICPA online resource has been launched offering CPA financial planners a comprehensive set of tools and educational materials on a full range of financial planning practice areas, from disaster recovery and investment planning to ethics and fiduciary responsibility and more.