fiduciary

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Related to Fiduciary obligation: fiduciary duty, 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 ?
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.
(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.
Arguments for Servicers Owing a Fiduciary Obligation to Student Loan Borrowers
Deborah A DeMott, "Fiduciary Obligation Under Intellectual Siege: Contemporary Challenges to the Duty to Be Loyal," (1992) 30:2 Osgoode Hall LJ 471.
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."
DeMott, Beyond Metaphor: An Analysis of Fiduciary Obligation, 37 DUKE L.J.
(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.
The court found that the ABB fiduciaries violated their ERISA fiduciary obligations to the plan when they:
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.
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.
Medical educators and physician organizations have an ethical, moral, financial, and fiduciary obligation to help provide cost-effective health care.
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.