fiduciary

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Related to Fiduciary obligation: fiduciary duty, Fiduciary relationship

fiduciary

fiduciary (fĭdo͞oˈshēĕˌrē), 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 trust, 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 fraud.

fiduciary

Law

1. a person bound to act for another's benefit, as a trustee in relation to his beneficiary

a. having the nature of a trust

b. of or relating to a trust or trustee

Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005

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In relation to both trustees and company directors, the Supreme Court of the United Kingdom has recently restated the law, to the effect that if their fiduciary powers are exercised for improper reasons, such exercise is voidable; and the Court has described that result as one flowing from a breach of fiduciary obligations, although the cases in question were not concerned with either of the proscriptive rules that 1 have mentioned.

PRESCRIPTIVE FIDUCIARY DUTIES

(20) At a minimum, the fiduciary duty imposes "obligations of loyalty, good faith, full disclosure appropriate to the matter at hand and acting in what it reasonably and with diligence regards as the best interest of the beneficiary." (21) For the majority in Guerin, the Crown's fiduciary obligation in respect of Aboriginal lands dates from at least the Royal Proclamation, 1763, through which the Crown imposed a regime prohibiting the alienation of Aboriginal lands except to the Crown.

PRIVATE PROPERTY AND ABORIGINAL TITLE: WHAT IS THE ROLE OF EQUITY IN MEDIATING CONFLICTING CLAIMS?

Arguments for Servicers Owing a Fiduciary Obligation to Student Loan Borrowers

Tying Fiduciary Duties to Student Loans: One Small Step Out of the Massive Debt

Deborah A DeMott, "Fiduciary Obligation Under Intellectual Siege: Contemporary Challenges to the Duty to Be Loyal," (1992) 30:2 Osgoode Hall LJ 471.

Understanding Fiduciary Duties And Relationship Fiduciarity

The division stated that robos "cannot fully satisfy their fiduciary obligations if they fail to perform the initial and ongoing due diligence necessary to act in the best interests of their clients." The division was concerned that this failure "may render them unable to provide adequately personalized investment advice and make appropriate investment decisions."

Can a Robot Be a Fiduciary?

DeMott, Beyond Metaphor: An Analysis of Fiduciary Obligation, 37 DUKE L.J.

The (unified?) fiduciary theory of judging: hedgehogs, foxes, and chameleons

(81) Granted, this is a form of negative enforcement, that is, the misfeasance tort does nothing to facilitate the prospective enforcement of a public fiduciary obligation, but only allows it to be enforced after it has been breached and harm has been caused.

Fiduciary aspects of misfeasance in a public office

The court found that the ABB fiduciaries violated their ERISA fiduciary obligations to the plan when they:

A board fiduciary wake-up call

The Court was concerned that this would open the floodgates to attaching a fiduciary obligation to provide access to records in any situation where personal and confidential information is divulged, for example in regards to journalists and bank officers.

An Australian perspective on the doctor-patient relationship: a comparative prelude to examining duties of disclosure in surgical innovation

In order to attract liability as a knowing assistant, a third party must have assisted in a breach of trust or fiduciary obligation with knowledge of a 'dishonest and fraudulent design' on the part of the trustee or fiduciary.

Accessory liability and contribution, release and apportionment

Medical educators and physician organizations have an ethical, moral, financial, and fiduciary obligation to help provide cost-effective health care.

Remembering common sense

THERE'S A DEBATE GOING ON in Congress right now over a proposal to hold securities brokers to a new and frightening standard: fiduciary obligation.