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
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
The reason for non-disclosure of information by RBI under its 'Disclosure Policy' has been based on economic interest and fiduciary relation with the individual banks," the pleas said.
As an American judge wrote in a law review article in 1956: 'Conflict destroys an essential ingredient without which a fiduciary relation cannot function--disinterested judgment'.
The language courts have used is unambiguous, recognizing that "[a] debt is not a trust and there is not a fiduciary relation between [a] debtor and creditor as such;" (113) and further holding that "loan servicers do not owe a fiduciary duty to borrowers." (114) It makes little sense to hold a student loan servicer to a higher standard simply because of the youth or ignorance of its borrowers.
and therefore no need to show the breach of a fiduciary relation of
(39) The flexibility of an LLC as a business entity could lead a court to a comparison between an LLC and these other fiduciary relation ships.
resulting from a betrayal of confidence, but upon a broader foundation of a wise public policy that, for the purpose of removing all temptation, extinguishes all possibility of profit flowing from a breach of the confidence imposed by the fiduciary relation. (109) This wouid include using the position itself to gain advantage or using knowledge gained from holding such a position for personal benefit.
For example, Tamar Frankel has argued that fiduciary relationships are a primary form of social relationship marked by interpersonal dependency: "[0]ne party to a fiduciary relation (the entrustor) is dependent on the other (the fiduciary)....
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.
25, Justice La Forest states that vulnerability is not "the hallmark of a fiduciary relation" but rather an "important indicium of its existence." On the other hand, Justice Sopinka in Hodgkinson at para.
795, 800 (1983) (noting that in the fiduciary relation, one party, the entrustor, is dependent upon the other party, the fiduciary).
He rightly rejects the utility of the parent-child relation, but he unnecessarily adds that it is not an established fiduciary relation. (133) His rejection of the trustee analogy also is problematic.
Indeed, Daniel Markovits has argued that "fiduciary loyalty and care build a measure of paternalism into every fiduciary relation." (134) On this view, a fiduciary should act in what she believes are the beneficiary's best interests, even if the beneficiary might prefer a different course of action.