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A fiduciary relationship is one wherein one person (let's call him Person 1) has placed complete confidence and trust in the business acumen and honorable intentions of another person (Person 2), and "deputizes (as it were)" that trusted individual to make a sound business/financial transaction on his or her behalf. In other words, Person 2 acts as Person 1's agent in a financial deal, and is allowed to use his or her discretion. Person 1 trusts Person 2 and assumes that Person 2 is looking out only for Person 1's best interest -- the primacy of looking out for Person 1's best interest is Person 2's fiduciary duty.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoA person entrusted with the power to oversee the property of another in their best interest.
Wiki User
∙ 11y agoA contract in which a person is persuaded to sign a contract by a person who is in a position of power over them. For example, a teacher-student relationship.
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What is an example of a hallmark of the fiduciary relationship?
Loyalty
What is fiduciary issue?
Fiduciary issue is a part of the issue of notes in the past bank that is not supported by gold. Fiduciary refers to an ethical relationship of trust between two or more parties.
What is a fiduciary agent and why would I have one?
" A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence.[1] " A fiduciary duty is the highest standard of care at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom they owe the duty (the "principal"): they must not put their personal interests before the duty, and must not profit from their position as a fiduciary, unless the principal consents. The fiduciary relationship is highlighted by good faith, loyalty and trust, and the word itself originally comes from the Latin fides, meaning faith, and fiducia. When a fiduciary duty is imposed, equity requires a stricter standard of behavior than the comparable tortious duty of care at common law. It is said the fiduciary has a duty not to be in a situation where personal interests and fiduciary duty conflict, a duty not to be in a situation where their fiduciary duty conflicts with another fiduciary duty, and a duty not to profit from their fiduciary position without express knowledge and consent. A fiduciary cannot have a conflict of interest. It has been said that fiduciaries must conduct themselves "at a level higher than that trodden by the crowd"[2] and that "[t]he distinguishing or overriding duty of a fiduciary is the obligation of undivided loyalty."[3]
How should governments report fiduciary fund balance and income in government-wide statements?
Governments should report fiduciary fund balance in government-wide statements as assets and liabilities held in trust for a specific beneficiary relationship. Fiduciary fund income should be reported as revenue generated from the fiduciary activities.
What is the meaning of fudiciary?
Fiduciary is essentially a trustee. It relates to the relationship between a trustee and a beneficiary when a trust is involved.
How do you obtain funds that are deposited in a fiduciary account?
The fiduciary is the person with the authority to make deposits to and withdrawals from a fiduciary account. If the original fiduciary cannot act a new fiduciary must be appointed.
What part of speech is fiduciary?
It is an adjective or a noun. A fiduciary (noun) is a person who acts in a fiduciary (adjective) capacity.
What is the difference between the trustee and the fiduciary of a trust?
fiduciary and trustee
What is a fiduciary receipt?
Typically, a fiduciary prudently takes care of money for another person. So a "fiduciary receipt" is a document that a person acting in capacity of a fiduciary for another person would get in order to allow an audit of the discharge of their duties - part of a fiduciary account.
When was Fidelity Fiduciary Bank created?
Fidelity Fiduciary Bank was created in 1964.
What are duties of trustee?
The duties of a trustee typically include managing trust assets, making decisions in the best interest of the beneficiaries, keeping accurate records, and distributing assets as outlined in the trust agreement. Trustees have a fiduciary duty to act prudently and ethically in carrying out their responsibilities.
What is a fiduciary service?
A fiduciary service is a trust impose in a person to act on someone's behalf
