Fiduciary Duty - Law Dictionary Search Results

Home Dictionary Name: fiduciary duty

fiduciary relationship : a relationship in which one party places special trust, confidence, and reliance in and is influenced by another who has a fiduciary duty to act for the benefit of the party called also confidential relationship fiduciary relation see also fiduciary duty at duty NOTE: A fiduciary relationship may be created by express agreement of the parties, or it may be imposed by law where established by the conduct of the parties. Typical fiduciary relationships exist between agents and principals, attorneys and clients, executors or administrators and legatees or heirs, trustees and beneficiaries, corporate directors or officers and stockholders, receivers or trustees in bankruptcy and creditors, guardians and wards, and confidential advisors and those advised. ...

duty

duty pl: du·ties [Anglo-French deuté indebtedness, obligation, from deu owing, due, from Old French see due ] 1 : tasks, service, or functions that arise from one's position [performing a police officer's duties] ;also : a period of being on duty see also jury duty 2 : an obligation assumed (as by contract) or imposed by law to conduct oneself in conformance with a certain standard or to act in a particular way [ of good faith] [a to warn of danger] see also public duty doctrine, special duty doctrine duty of can·dor [-kan-dər] : a duty obligating directors of a corporation to disclose all material facts known to them about a transaction when they are seeking shareholder approval duty of care : a duty to use due care toward others in order to protect them from unnecessary risk of harm duty of fair representation : a duty obligating a labor union to represent the employees in its collective bargaining unit fairly and in good faith duty of loy·al·t...

Trustee

Trustee, is the legal owner of the property the actual owner thereof having lost title thereto by the creation of a trust. The equitable ownership in the trust property vests in the beneficiaries. The trust is thus an incidence of dual ownership in which the creator of the trust no longer figures, Baba Badri Dass v. Dharma, AIR 1982 P&H 255.Means one who, having legal title to property, holds it in trust for the benefit of another and owes a fiduciary duty to that beneficiary, Black's Law Dictionary, 7th Edn., p. 1519.Trustee, one entrusted with property for the benefit of another, called beneficiary, or cestui que trust. See also PUBLIC TRUSTEE; BREACH OF TRUST.Consult Lewin or Godefroi on Trusts.'Trustee' means any person, by whatever desig-nation known, appointed to administer a religious trust either verbally or by or under any deed or instrument or in accordance with the usage of such trust or by the District Judge or any other competent authority, and includes any person appointe...

director

director 1 : the head of an organized group or administrative unit or agency 2 : any of a group of persons usually elected by shareholders and entrusted with the overall control of a corporation NOTE: Directors owe a fiduciary duty to the shareholders in the exercise of their powers. Directors have the power to appoint and dismiss officers, declare and pay dividends on stock, initiate major corporate actions such as mergers or dissolution, and determine other matters affecting the corporation. di·rec·tor·ship n ...

due diligence

due diligence 1 : such diligence as a reasonable person under the same circumstances would use : use of reasonable but not necessarily exhaustive efforts called also reasonable diligence NOTE: Due diligence is used most often in connection with the performance of a professional or fiduciary duty, or with regard to proceeding with a court action. Due care is used more often in connection with general tort actions. 2 a : the care that a prudent person might be expected to exercise in the examination and evaluation of risks affecting a business transaction b : the process of investigation carried on usually by a disinterested third party (as an accounting or law firm) on behalf of a party contemplating a business transaction (as a corporate acquisition or merger, loan of finances, or esp. purchase of securities) for the purpose of providing information with which to evaluate the advantages and risks involved [the greatest exposure…for failure to conduct adequate due diligence...

fraud

fraud [Latin fraud- fraus] 1 a : any act, expression, omission, or concealment calculated to deceive another to his or her disadvantage ;specif : a misrepresentation or concealment with reference to some fact material to a transaction that is made with knowledge of its falsity or in reckless disregard of its truth or falsity and with the intent to deceive another and that is reasonably relied on by the other who is injured thereby b : the affirmative defense of having acted in response to a fraud 2 : the crime or tort of committing fraud [convicted of securities ] see also misrepresentation NOTE: A tort action based on fraud is also referred to as an action of deceit. actual fraud : fraud committed with the actual intent to deceive and thereby injure another called also fraud in fact compare constructive fraud in this entry collateral fraud : extrinsic fraud in this entry constructive fraud : conduct that is considered fraud under the law despite the absence of an intent to...

promoter

promoter : one who alone or with others actively participates in the formation of a business or venture [s owe a fiduciary duty to the corporation they are promoting "R. C. Clark"] ...

special facts doctrine

special facts doctrine : a doctrine holding that a corporate officer with superior knowledge gained by virtue of being an insider owes a limited fiduciary duty to a shareholder in transactions involving transfer of stock ...

trust fund doctrine

trust fund doctrine : a doctrine holding that shareholders to whom assets of an insolvent corporation have been transferred are liable to creditors upon dissolution of the corporation ;broadly : a doctrine holding that corporate assets are held as a trust fund for the benefit of shareholders and creditors and that corporate officers have a fiduciary duty to deal with them properly ...

<< Prev.
1
2
3
Next >>
Last >>