This page is continued from Legal Precepts Adopted into U.S. Law (from Europe) through the Constitution >>>> Equity Jurisprudence >>>> Fiduciary Relationships:
fiduciary:
1. Someone who is required to act for the benefit of another person on all matters within the scope of their relationship; one who owes to another the duties of good faith, loyalty, due care, & disclosure.
2. Someone who must exercise a high standard of care in managing another’s money or property. [1]
1. Adjective. Held or founded in trust or confidence.
2. Noun. A trustee, at least where the trust is an express trust. Svanoe v Jurgens, 144 Ill 507, 513, 33 NE 955.
The word embraces those and only those who are bound for the discharge of express trusts — technical trusts, where bond is required to e given by law — and it does not include those engaged in the execution of trusts springing from contract. Barnard & Co. v Sykes, 72 Miss 297, 302. [2]
1. Adjective. That which is based upon trust or confidence; the relationship between a fiduciary and his principal.
2. Noun. A person who is entrusted with handling money or property for another person. EXAMPLES: attorney and client; guardian and ward; trustee and beneficiary. [3]
Excerpt from D.W.M. Waters, The Constructive Trust; The Case for a New Approach in English Law:
“The term ‘fiduciary’ is so vague that plaintiffs have been able to claim that fiduciary obligations have been breached when in fact the particular defendant was not a fiduciary stricto sensu but simply had withheld property form the plaintiff in an unconscionable manner.” [4]
Also See:
fiduciary bond – a type of performance bond required of a trustee, administrator, executor, guardian. conservator, or other fiduciary to ensure the proper performance of duties, as a condition for managing an estate. — aka administrator’s bond.
Various Types of Fiduciary Relationships
References:
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[1] Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6
[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949). Edited by William S. Anderson. © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY. Library of Congress Catalog Card No. 68-30931
[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine (James Arthur 1871-1949). Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning. ISBN 0-8273-4874-6.
[4]: D.W.M. Waters, The Constructive Trust; The Case for a New Approach in English Law
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