fiduciary relation


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Noun1.fiduciary relation - the legal relation that exists when one person justifiably places reliance on another whose aid or protection is sought in some matter
law, jurisprudence - the collection of rules imposed by authority; "civilization presupposes respect for the law"; "the great problem for jurisprudence to allow freedom while enforcing order"
legal relation - a professional relation that is regulated by law (as between a lawyer and a client)
bank-depositor relation - the responsibility of a bank to act in the best interests of the depositors
confidential adviser-advisee relation - the responsibility of a confidential adviser to act in the best interest of the advisee
conservator-ward relation - the responsibility of a conservator to act in the best interests of the ward
director-stockholder relation - the responsibility of corporate directors to act in the best interests of stockholders
executor-heir relation - the responsibility of an executor (or administrator) of an estate to act in the best interests of the heir
attorney-client relation, lawyer-client relation - the responsibility of a lawyer to act in the best interests of the client
partner relation - the responsibility of partners to act in one another's best interests
receiver-creditor relation - the responsibility of receiver or trustee in bankruptcy to act in the best interests of the creditor
trustee-beneficiary relation - the responsibility of a trustee to act in the best interests of the beneficiary
References in periodicals archive ?
This view seems to be reflected in the second Restatement of Torts, which provides that an individual "standing in a fiduciary relation with another is subject to liability to the other for harm resulting from a breach of duty imposed by the relation.
2d at 619 ("Corporate officers, controlling the corporation through ownership of a majority of the stock, have a fiduciary relation to minority stockholders.
out whether corporate managers bear a fiduciary relation to the
But this should not be surprising: the entire point of standing in a fiduciary relation to a beneficiary is that the fiduciary is supposed to take on a special role of judgment, representation, and control.
Re Hallett's Estate (1880), 13 Ch D 696 (available on WL Can) (CA), Jessel MR ("the moment you establish the fiduciary relation, the modern rules of Equity, as regards following trust money, apply" at 710); Guerin v R, [1984] 2 SCR 335, 13 DLR (4th) 321, Dickson J [Guerin cited to SCR] ("[i]t is the nature of the relationship .
The court in Doe also stated that "[a] fiduciary relation exists between two persons when one of them is under a duty to act for or to give advice for the benefit of another upon matters within the scope of that relation," (16) relying on Comment a to [section] 874 of the Restatement (Second) of Torts.
Restatement (Second) of Torts [section] 874 (1977): "One standing in a fiduciary relation with another is subject to liability to the other for harm resulting from a breach of duty imposed by the relation"; Conaglen, supra note 2 at 454-55; Smith, "Resource Theory", supra note 2 at 1432; John Glover, "The Identification of Fiduciaries" in Birks, supra note 3, 269.
4) This seems logical, since while on the one hand "[t]he majority has the right to control," on the other hand, when it does, it "occupies a fiduciary relation toward the minority, as much so as the corporation itself or its officers and directors.
The Commonwealth Court of Pennsylvania has also held that a "director of a nonprofit corporation shall stand in fiduciary relation to the corporation.
Richards, Layton & Finger, Delaware's largest law firm, provides counsel on sophisticated transactions involving Delaware entities, and the firm's attorneys are key players in the Delaware courts in cases involving corporate law and governance, mergers and acquisitions, alternative entities, bankruptcy, fiduciary relations, commercial and other general civil matters.
With respect to fiduciary relations, he cited Joseph Story's treatise on equity jurisprudence for the proposition that courts enforce the fiduciary duty of good faith "in aid of general morals.