fiduciary relation (Meaning)
fiduciary relation (n)
the legal relation that exists when one person justifiably places reliance on another whose aid or protection is sought in some matter
Synonyms & Antonyms of fiduciary relation
No Synonyms and anytonyms found
fiduciary relation Sentence Examples
- A fiduciary relation is a legal relationship in which one person, called the fiduciary, has a duty to act in the best interests of another person, called the beneficiary.
- Fiduciary relations are created by operation of law, by contract, or by a special relationship of trust and confidence.
- Common examples of fiduciary relations include the relationship between a lawyer and client, a doctor and patient, a broker and client, and a trustee and beneficiary.
- In a fiduciary relation, the fiduciary has a duty to act with utmost good faith, loyalty, and care towards the beneficiary.
- The fiduciary must always put the interests of the beneficiary before their own interests.
- The fiduciary must make full and fair disclosure of all material facts to the beneficiary.
- The fiduciary must obtain the beneficiary's informed consent before engaging in any transaction that could benefit the fiduciary at the expense of the beneficiary.
- The fiduciary must avoid any conflict of interest.
- The fiduciary must account to the beneficiary for all of the fiduciary's actions.
- If a fiduciary breaches their duty, the beneficiary may have a right to legal remedies, such as damages, injunctions, or rescission.
FAQs About the word fiduciary relation
the legal relation that exists when one person justifiably places reliance on another whose aid or protection is sought in some matter
No synonyms found.
No antonyms found.
A fiduciary relation is a legal relationship in which one person, called the fiduciary, has a duty to act in the best interests of another person, called the beneficiary.
Fiduciary relations are created by operation of law, by contract, or by a special relationship of trust and confidence.
Common examples of fiduciary relations include the relationship between a lawyer and client, a doctor and patient, a broker and client, and a trustee and beneficiary.
In a fiduciary relation, the fiduciary has a duty to act with utmost good faith, loyalty, and care towards the beneficiary.
