fiduciary relationship


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Related to fiduciary relationship: fiduciary duty

fiduciary relationship

n. where one person places complete confidence in another in regard to a particular transaction or one's general affairs or business. The relationship is not necessarily formally or legally established as in a declaration of trust, but can be one of moral or personal responsibility, due to the superior knowledge and training of the fiduciary as compared to the one whose affairs the fiduciary is handling. (See: fiduciary, trust)

fiduciary relationship

see TRUST.
References in periodicals archive ?
paradigmatic fiduciary relationship," (297) and scarcely
26) A fiduciary is a person who stands in a position of trust and confidence vis-a-vis another in such circumstances that the fiduciary is bound, in matters falling within the scope of the fiduciary relationship, to place the interests of the principal before his or her own personal interests.
Whatever else this fiduciary relationship may demand, it certainly entails keeping clients informed of all "risks of representation," particularly financial ones.
Indeed, the concept of an insurance commission is almost inconsistent with the concept of a fiduciary relationship between the insurance agent and the purchaser of insurance.
27) Even with this most central fiduciary duty, however, the strictness with which it will be enforced varies, depending on the type and scope of the fiduciary relationship at issue.
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.
Generally, a fiduciary relationship exists where one party (the fiduciary) undertakes to act in the interests of another 'in the exercise of a power or discretion which will affect the interests of that other person in a legal or practical sense.
2002) (upholding defense when defendant had no knowledge of payor's fiduciary relationship to plaintiff).
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.
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.
Maharaj's actions betrayed the trust of a vulnerable mental health patient and compromised the fiduciary relationship between nurse and patient.