Fiduciary

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Related to Fiduciary relationship: fiduciary duty

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 ?
separate, yet complementary fiduciary relationships that can serve as
On one view, the fiduciary relationship is "one of the most elusive concepts in Anglo-American law," (51) more "a concept in search of a principle" than a decision rule for assigning rights and duties in private law.
The conventional position is that fiduciary duties arise upon the establishment of a fiduciary relationship.
relationship is not automatically a fiduciary relationship.
The Supreme Court of Canada ruled unanimously that since a doctor is in a fiduciary relationship with their patients, this may, "in all but a small number of circumstances", (41) give rise to a right of access to medical records.
is generally rooted in the fiduciary relationship between physicians and
The instructor/attorney should also remember that a gratuitous offering of advice does not alter the fiduciary relationship that is created by an implied-attorney relationship.
The fiduciary relationship can also be characterized as a vehicle used to impose duties on individuals who hold power over the interests of others.
Article 3 deals with the specifics of the management agreement but it also encompasses the fiduciary relationship and loyalty that a real estate manager pledges to clients, employers and firms.
The Tribunal denied Immtech's various other claims, including those based on fraud, negligence, breach of fiduciary relationship and unjust enrichment.
Conversely, the courts are likely (but not invariably) to hold that a CPA offering business or financial advice does have a fiduciary relationship with the client.