Fiduciary

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Related to Fiduciary duties: Fiduciary relationship

Fiduciary

One who must act for the benefit of another party.

Fiduciary

1. A person appointed to handle another person's finances. A fiduciary holds the assets of another person and is required to act in the best interests of that person; he/she is not allowed to invest for personal profit. See also: Prudent person rule.

2. Describing a duty or obligation to act in the best interest of another person or institution. For example, an elected government might state that it has a fiduciary duty to wisely use the taxes it collects.

3. An unsecured loan.

fiduciary

A person, such as an investment manager or the executor of an estate, or an organization, such as a bank, entrusted with the property of another party and in whose best interests the fiduciary is expected to act when holding, investing, or otherwise using that party's property.

Fiduciary.

A fiduciary is an individual or organization legally responsible for managing assets on behalf of someone else, usually called the beneficiary. The assets must be managed in the best interests of the beneficiary, not for the personal gain of the fiduciary.

However, the concept of acting responsibly can be broadly interpreted, and may mean preserving principal to some fiduciaries and producing reasonable growth to others.

Executors, trustees, guardians, and agents with powers of attorney are examples of individuals with fiduciary responsibility. Firms known as registered investment advisers (RIAs) are also fiduciaries.

fiduciary

A person who enjoys a relationship of trust or confidence with respect to another such that the law will impose greater than normal responsibilities on the fiduciary for honesty, integrity,candor,and scrupulous good faith even if it means sacrificing the interests of the fiduciary. Typical fiduciaries include attorneys, real estate agents representing principals, trustees, and guardians. Because of the fiduciary relationship between an agent and principal, it is difficult to understand the concept of dual agency, in which the broker may represent both the buyer and seller.A seller's fiduciary must keep all the client's information confidential,not volunteer anything unless absolutely required by law, and attempt to gain the highest possible price for the property. A buyer's fiduciary must ferret out all secrets, volunteer all information regarding anything at all that might affect property values, recommend the most thorough home inspectors, and attempt to obtain the lowest possible price for a property. These positions are extremely difficult to reconcile in one person.

Fiduciary

One who acts for an estate or trust to manage the property of the estate or trust.
References in periodicals archive ?
However, despite the diversity of factual scenarios in which fiduciary duties arise, these relationships share a set of legal principles common to all fiduciary relationships.
Sometimes, however, accountants assume fiduciary duties toward clients unintentionally, and may be making themselves vulnerable to a higher standard of care than they realized.
Jurick and the other individual defendants breached their fiduciary duties to SSG stockholders, and that Collegiate Pacific knowingly aided and abetted those breaches to further its own interests.
The Department of Labor investigated the loss and stated in a 1994 letter that P and D had breached their fiduciary duties in violation of the Employee Retirement Income Security Act of 1974 (ERISA).
02 Fiduciary Duties of Directors of Financially Distressed Corporations
Lifshitz & Miller announces investigation into possible breaches of fiduciary duties in connection with the proposed sale of Naugatuck Valley Financial Corporation ("NVSL") to Liberty Bank for approximately $78 million or $11.
Second, no other plan fiduciaries will be liable for breaches of fiduciary duties or losses resulting from the actions of the participant or beneficiary.
Highland believes that these directors have disregarded their fiduciary duties to the stockholders of the Company and consistently failed to manage the business and affairs of the Company in accordance with proper corporate governance practices, including in connection with the decision of these directors to pursue transactions with questionable benefits to the stockholders.
Fiduciary duties have also been abrogated by state laws that allow one broker to represent the competing interests of both the buyer and seller in the same transaction.
Where the client's family is left in control of the general partner, the partnership agreement should clearly state that the general partner has fiduciary duties to the limited partners (which includes the decedent), that the limited partners have no management rights, and that family members are acting independent of the decedent.
1974)(holding that the controlling shareholders' actions in raising their own salaries and in purchasing additional newly issued stock thereby watering down the minority shareholder's stock were a breach of their fiduciary duties to the minority shareholder).