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 ?
(77) The phrase "duty of loyalty" is primarily used by American scholars and in the jurisprudence of the United States to describe fiduciary duties, more particularly in the corporate law realm and especially in Delaware.
The primary purpose of this article is to enhance the understanding of fiduciary duties and relationship fiduciarity by promoting a more robust understanding of the fiduciary concept centred upon its foundational raison d'etre.
"Industry advocates, of course, do offer arguments to oppose fiduciary duties for brokers rendering advice," he wrote, noting their central argument is an economic one, as "increased costs will force broker-dealers to abandon smaller accounts."
Directors and officers are able to: (1) prospectively limit the ability of parties to bring claims for breaches of fiduciary duties through exculpation provisions in corporate formation documents; (2) act in a manner to reduce or eliminate the likelihood that breaches of fiduciary duties occur; (3) contract with other parties to satisfy claims for breaches of fiduciary duties through indemnification agreements and director and officer liability insurance; and (4) negotiate for agreements to release them from liability.
Fiduciary duties are not the only laws that regulate director
The connection of fiduciary duties to constitutional values is opaque at best.
An investigation into the contours of such fiduciary duties is
There are two components to understanding the fiduciary duties of specialists.
Rather, they are arguments about which of those duties deserve to be called fiduciary duties. This may seem like a debate with little practical importance, but this is not correct.
Fiduciary duties require that officers and directors hold information of this kind in trust as confidential information.
Evaluating the jurisdiction of formation turns on several key concepts that are beyond the scope of this article, but the most important factors are the state LLC statute's fiduciary duty provisions and case-law addressing fiduciary duties.
Whether by design or only by effect, the aspirational view has the potential to undermine fiduciary duties significantly.