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Nov 27, 2018 · A fiduciary is a person who, by law, is responsible for acting in the best interests of another person. A fiduciary can be a bank or a brokerage firm. The most common example of a fiduciary duty is that which a trustee performs under a trust. Under a trust, the trustor gives the trustee the right to hold onto property or assets for a ...
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- Kelo V. City of New London
- Definition of Fiduciary
- What Is Fiduciary Duty
- Fiduciary Responsibility in Administering A Trust
- Breach of Fiduciary Duty
- Fiduciary Management
- Liability Insurance For Fiduciaries
- Fiduciary Deed
- Related Legal Terms and Issues
Noun 1. A person or entity to which property, assets, or power have been entrusted for the benefit of another. Adjective (Fiduciary Duty) 1. The obligation of a fiduciary to another person or entity, called a “principal.” Origin 1585-95 Latin fīdūciārius, of something held in trust
A fiduciary duty exists when a person or entity has an obligation to act in another person or entity’s best interest. This comes into play when the relationship between the two parties involves a particular trust or confidence in, and reliance upon one party by another. For example, an attorney has a fiduciary duty to his client, and the board memb...
When assets belonging to a person or entity are put into a trust, the “Trustee,” or administrator of the trust, becomes a fiduciary for the benefit of the trust’s creator, the “trustor.” The trust fiduciary has a solemn responsibility of loyalty in managing the assets of the trust in the best interest of the named beneficiaries. It is not permitted...
Any person or entity with a fiduciary duty who fails to uphold, or fails to act responsibly in fulfilling, his duties, obligations, and responsibilities as fiduciary, has breached his fiduciary duty. Generally, the law requires the fiduciary to restore or repay any losses resulting from a breach of fiduciary duty, and the court may order other reme...
The term “fiduciary management” is commonly used to refer to the management of financial assets by a fiduciary through the use of investment services. Primarily, fiduciary management refers to the management of institutional assets and pension funds. The 21stcentury has seen a greater complexity, more investment options, and increased regulatory in...
Under the Employee Retirement Income Security Act of 1974 (“ERISA”), financial fiduciaries may be held personally responsible for breach of their fiduciary duties in handling the assets for which they have been entrusted. While fiduciary liability insurance is not required under ERISA or other fiduciary laws, it protects the personal assets of the ...
A common task of certain types of fiduciary is to sell real propertyassets. In this case, the fiduciary has been given the authority to make such transactions on behalf of the beneficiary, including signing over property deeds. When the property is sold, a special Fiduciary Deed is prepared for the transfer of the property, and signed by the fiduci...
Asset– an economic resource. Any tangible or intangible thing that is owned or controlled by a person or entity, having positive economic value.Breach– a violation of, or failure to uphold, a promise, act, or contract. To act in a manner contrary to the terms or duties of an obligation.Compensatory Damages – a sum of money awarded to the plaintiff in a civil lawsuitin compensation for injury, damages, or other loss resulting from the unlawful conduct or negligence of the defendant.Punitive Damages– a sum of money awarded to the plaintiff in a civil lawsuit above and beyond what is necessary to compensate for actual losses. Also called “exemplary damages,” punitive damages ar...The contents of the fiduciary “holy grail” also contemplate the unique space inside which the fiduciary concept operates within the law of civil obligations, as well as the foundational goals that the fiduciary concept is designed to accomplish. II. The Animating Forces of Fiduciary Duties.
structure of the misfeasance tort, as a hybrid of tort law and administrative law, can shed light on the fiduciary aspects of public decision making, particularly by providing an enforcement mechanism that is otherwise lacking. Part III explains how looking at misfeasance through the lens of 734 (2014) 39:2 Queen's LJ
Feb 7, 2006 · Published Online February 7, 2006. Last Edited February 11, 2021. In Canadian law, fiduciary obligation refers to a relationship in which one party (the fiduciary) is responsible for looking after the best interests of another party (the beneficiary). The courts have determined that a fiduciary obligation exists where the fiduciary can exercise ...
Jan 13, 2023 · Footnote 10 Fiduciary relationships are therefore characterized by special duties that the fiduciary owes to the beneficiary. In law, the paradigmatic fiduciary responsibility is the duty of loyalty, which prescribes the fiduciary’s loyal behavior and prohibits betrayal when acting with regard to the interests of the beneficiary.
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contract and fiduciary law, typically arises in cases where the parties are in a contractual relationship and the court has to decide whether fiduciary obligations may be super-imposed on the contract. There are two competing views on the relationship between contract and fiduciary law.
