Fiduciary


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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 ?
(3) See Ernest Vinter, A Treatise on the History and Law of Fiduciary Relationship and Resulting Trusts, 3rd ed (Cambridge: Heffer & Sons, 1955) at 1-14; Rotman, Fiduciary Law, supra note 2 at 171-77.
(4) See the discussion in Rotman, Fiduciary Law, supra note 2 at 161-70.
(5) One needs only reference the authors cited in the Annex for a small sampling of the number of authors who have written about various aspects of the fiduciary concept.
(8) See Remus Valsan, "Fiduciary Duties, Conflict of Interest, and Proper Exercise of Judgment" (2016) 62:1 McGill LJ 1 [Valsan, "Conflict of Interest"].
* excluded assets held in a fiduciary capacity for the benefit of a government's own programs or activities (including its component units) from inclusion in fiduciary funds,
* established permanent funds as a governmental fund type to account for assets held in a fiduciary capacity for the benefit of the government that have a nonexpendable corpus, and
* established a new fiduciary fund structure to report fiduciary activities that are not for the benefit of the government's programs.
It did not, however, provide guidance for differentiating fiduciary activities, including fiduciary component units, from other activities.
(18) That was a time when more and more cases were being pleaded in fiduciary terms--at least in Canada.
If I am in a meeting with my lawyer, who owes me fiduciary obligations, and in sheer frustration at my obstinacy or perhaps my poor dress sense, he punches me in the face, this is not a breach of fiduciary duty.
In 'The Fiduciary Principle', Finn contended that the only duties properly called fiduciary are proscriptive.
The alternative view sees the fiduciary principle as a prescriptive one; it is concerned with the maintenance of fidelity to the beneficiary; and it is activated when the fiduciary seeks improperly to advance his own or a third party's interest in or as a result of the relationship.