Moreover, the question of whether a fiduciary relationship
existed based on special circumstances is inherently a factual one not easily resolved by way of a 12(b)(6) Motion.
The question, 'who owes fiduciary duties?' is a difficult question, and it is one which requires us to have an answer to the question, 'what is a fiduciary relationship
?' And, 1 will argue, when we have an answer to that question, it helps us to know not only who owes fiduciary duties, but also what are fiduciary duties.
First of all, in making the claim that the citizen-government relationship is a fiduciary relationship
, I rely in substantial part upon an important body of work developed by public law scholars in the last fifteen years or so which has emphasized the fiduciary foundations of public authority--a body broadly described as "fiduciary political theory".
The final argument to be made for servicers owing a fiduciary duty to student loan borrowers is that the servicers are simply an extension of the federal student loan lender, (81) the federal government, (82) which should be considered in a fiduciary relationship
with the people it serves.
* An agent with a fiduciary duty of trust and confidence to a firm (the principal) conveys material nonpublic information obtained through the fiduciary relationship
to a third person, the recipient;
"A fiduciary relationship
may be implied by law, and such relationships are 'premised upon the specific factual situation surrounding the transaction and the relationship of the parties.'" Doe v.
Acting Presiding Justice Eugene Premo wrote in an opinion explaining the panel's ruling that a fiduciary relationship
may affect how much effort a client can be expected to put into identifying a problem.
It includes family members and outsiders alike: parents, spouses, adult children, financial advisors, relatives by blood or marriage, joint tenants or tenants in common, caregivers, and anyone who owes a legal or fiduciary relationship
, "including, but not limited to, a court-appointed or voluntary guardian, trustee, attorney, or conservator." (12) Florida maintains a broad definition of "fiduciary duty," and this broad definition is codified in [section]415.102(11).
(59) The notion of requiring an undertakings in order to found a fiduciary relationship
was recently sanctioned by the Supreme Court of Canada in two judgments: Galambos v.
Jacobs, (1) a litigation commenced three and a half years earlier, establishing new precedent on the issue of what constitutes a fiduciary relationship
in the context of art transactions where buyers and sellers are represented by intermediaries.
Thus, there no longer needs to be a mutual understanding, or for investment advice to be given on a regular basis for a fiduciary relationship
"A fiduciary relationship
emerges in contexts where one person (the fiduciary) has discretionary power over the assets or legal interests of another (the beneficiary)." (5) In these settings, private law traditionally imposes substantial duties (duty of loyalty, duty of care, and duties of candor, disclosure, and accounting) upon fiduciaries, incentivizing them to prioritize their beneficiaries' interests above their own.