Fiduciary

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Related to Fiduciary obligation: fiduciary duty, 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 ?
PD Finn, "The Fiduciary Principle" in TG Youdan, ed, Equity, Fiduciaries, and Trusts (Toronto: Carswell, 1989) 1 at 4; John D McCamus, "Prometheus Unbound: Fiduciary Obligation in the Supreme Court of Canada" (1997) 28:1 Can Bus LJ 107 at 136-40 [McCamus, "Prometheus Unbound"]; RP Austin, "Moulding the Content of Fiduciary Duties" in AJ Oakley, ed, Trends in Contemporary Trust Law (Oxford: Clarendon Press, 1996) 153 at 156.
139) It is in these situations that the plaintiff most closely resembles the "beneficiary" of the officer's public fiduciary obligation.
Significantly, this approach to ascribing fiduciary obligations with respect to certain aspects of a given relationship provides a unifying feature of both Australian and Canadian fiduciary law as they stand today.
16) The extension of the fiduciary concept to cases involving injuries that are not financial has been called "conceptually sound" by Robert Flannigan, and is in keeping with the finding that parents owe some fiduciary responsibilities to their children or that a doctor has some fiduciary obligations to a patient.
They are not seeking to invoke the fiduciary obligation to 'forbid what the legislation permitted.
A fiduciary obligation, created by the government's actions as trustees for Native people, requires the government to put its own interests on the back burner when they conflict with Native interests, the Supreme Court of Canada has ruled.
Since a transaction broker has no fiduciary obligations to a client under the proposed act, will prospective buyers who retain transaction brokers to "represent" them understand the ramifications?
In the past the question whether a particular relationship is subject to a fiduciary obligation has been approached by referring to categories of relationships in which a fiduciary obligation has already been held to be present .
Without proper due diligence, EBCs cannot substantiate that they fulfilled their fiduciary obligation to act in the best interests of plan participants.
This article will address that question, consider the parameters of any fiduciary obligation to avoid conflicts of interest that may arise, and discuss the implications for responses to these conflicts.
I had a fiduciary obligation to investigate the problem, so I called the credit card company and obtained copies of the previous year's bills.
Speaker, the action taken by this government is in no way inconsistent with our fiduciary obligation.