fiduciary

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Related to Fiduciary duties: Fiduciary relationship

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 ?
PD Finn, "The Fiduciary Principle" in TG Youdan, ed, Equity, Fiduciaries, and Trusts (Toronto: Carswell, 1989) 1 at 4; John D McCamus, "Prometheus Unbound: Fiduciary Obligation in the Supreme Court of Canada" (1997) 28:1 Can Bus LJ 107 at 136-40 [McCamus, "Prometheus Unbound"]; RP Austin, "Moulding the Content of Fiduciary Duties" in AJ Oakley, ed, Trends in Contemporary Trust Law (Oxford: Clarendon Press, 1996) 153 at 156.
It is therefore unlikely that a court would find that a director breached his or her fiduciary duties due to a lack of attention or interest.
The stringency of fiduciary duties increases with the risk these relationships present to investors," he wrote.
The most recent decisions (by judges in Delaware and several other relevant jurisdictions) hold that fiduciary duties are owed to the corporation that the director and officer is serving and do not change whether the corporation is solvent, approaching insolvency (described as the "zone of insolvency"), or insolvent.
Fiduciary duties are not necessarily tidy concepts.
By "drawing on the lessons from private law enforcement of fiduciary duties," the federal courts can create a "workable approach" to judicial review of political decisionmaking.
27 June 2013 - US oilfield and power transmission solutions provider Lufkin Industries Inc (NASDAQ:LUFK) said that its special committee had found that the company's board had not breached its fiduciary duties in the deal with US technology and financial services group General Electric Co (NYSE:GE).
significantly implicated the fiduciary duties of class counsel at the
Before moving on to when fiduciary duties are created (80) and what fiduciary duties entail, (81) it is useful to set the stage by considering two practices similar to interpositioning that are outlawed: trading ahead (82) and insider trading.
Blank and Others (2013) reviewed the general principles that (1) directors owe fiduciary duties to the company, which is 'unexceptionable and flows from the fact that the directors are agents of the company and stewards of its affairs' and (2) directors do not, solely by virtue of their office, owe fiduciary duties to the shareholders, collectively or individually.
"[Kaplan] did not attempt to expand the definition of a closely held corporation and make new law, yet he ruled that the facts considered for the summary judgment decision were sufficient to find that there may have been a breach of fiduciary duties," he said.
The reasons for my disagreement go beyond terminology because they are ultimately founded on the nature of fiduciary relationships and the justification for fiduciary duties. In this article I aim to set these reasons out.