"A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons)."
The nature and characteristics of a fiduciary relationship, including the duty of loyalty and the duty to act in good faith and with due care.
Introduction to Fiduciary Relationships: This is an overview of the concept of fiduciary relationships and the legal implications that arise from such a relationship.
Trusts: This covers the different types of trusts, their creation, and management of trust assets.
Duties of Fiduciaries: This involves the obligations that fiduciaries have to beneficiaries, such as loyalty, care, and the prudent investment of assets.
Breach of Fiduciary Duty: This covers the legal consequences of a fiduciary breaching their obligations and the rights and remedies available to the beneficiaries.
Charitable Trusts: This includes the legal principles that govern charitable trusts and the management of charitable assets.
Resulting Trusts: This covers the circumstances under which a resulting trust may arise, such as when someone purchases property in the name of another person.
Constructive Trusts: This involves situations where a court may impose a constructive trust on property when equity requires it.
Equitable Remedies: This covers the different legal remedies available to beneficiaries when a fiduciary breaches their duties, such as injunctions, accounting, and tracing.
Fiduciary Relationships in Business: This involves the fiduciary relationships between directors and shareholders, partners, and professional advisors such as lawyers and accountants.
Fiduciary Duty in Agency Relationships: This covers the fiduciary relationships between agents and their principals, and the obligations that arise from such a relationship.
Fiduciary Relationships in Real Estate: This includes the legal principles relating to the fiduciary relationship between real estate agents, brokers, and their clients.
Fiduciary Relationships in Family Law: This covers the legal implications of fiduciary relationships in family law situations such as trusts and estates, marriage breakdowns, and prenuptial agreements.
Trustee and Beneficiary: A trustee holds the legal title to trust property and has a fiduciary obligation to administer the trust in accordance with its terms and for the benefit of the beneficiaries.
Agent and Principal: An agent has a fiduciary duty to act in the best interests of the principal, to avoid conflicts of interest and to not use the principal's assets for the agent's own benefit.
Director and Shareholder: A director has a fiduciary duty to act in the best interests of the company and its shareholders, to avoid conflicts of interest and to not use corporate assets for personal gain.
Executor and Heir: An executor has a fiduciary duty to administer the estate of a deceased person in accordance with the terms of the will and to distribute the assets to the heirs.
Guardian and Ward: A guardian has a fiduciary duty to act in the best interests of the ward, to provide for the ward's care and to manage the ward's finances.
Attorney and Client: An attorney has a fiduciary duty to act in the best interests of the client, to avoid conflicts of interest and to not use client information for personal gain.
Accountant and Client: An accountant has a fiduciary duty to act in the best interests of the client, to avoid conflicts of interest and to maintain client confidentiality.
Mortgage Broker and Borrower: A mortgage broker has a fiduciary duty to act in the best interests of the borrower, to provide accurate and complete information, and to not engage in predatory lending practices.
Financial Advisor and Client: A financial advisor has a fiduciary duty to act in the best interests of the client, to provide advice that is suitable for the client's goals and risk tolerance, and to disclose all conflicts of interest.
Real Estate Broker and Client: A real estate broker has a fiduciary duty to act in the best interests of the client, to provide accurate and complete information, and to not engage in fraudulent or unethical practices.
"A fiduciary prudently takes care of money or other assets for another person."
"For example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party."
"Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries."
"To act in a fiduciary capacity means to act in a position of trust and confidence."
"Fiduciary duties in a financial sense exist to ensure that those who manage other people's money act in their beneficiaries' interests, rather than serving their own interests."
"A fiduciary duty is the highest standard of care in equity or law."
"A fiduciary is expected to be extremely loyal to the person to whom he owes the duty (the 'principal') such that there must be no conflict of duty between fiduciary and principal."
"The fiduciary must not profit from their position as a fiduciary unless the principal consents."
"In Australia, only proscriptive or negative fiduciary obligations are recognized."
"In Canada, fiduciaries can come under both proscriptive (negative) and prescriptive (positive) fiduciary obligations."
"In English common law, the fiduciary relation is an important concept within a part of the legal system known as equity."
"When a fiduciary duty is imposed, equity requires a different, stricter standard of behavior than the comparable tortious duty of care in common law."
"A fiduciary ideally would not have a conflict of interest."
"Fiduciaries must conduct themselves 'at a level higher than that trodden by the crowd'."
"The distinguishing or overriding duty of a fiduciary is the obligation of undivided loyalty." Quotes provided for the study questions: