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The Court of Chancery, which governed fiduciary relations in England prior to the Judicature Acts. 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). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example ...
What does fiduciary duty mean? A fiduciary duty is an ethical or legal relationship of trust between two or more parties. Generally, the fiduciary must act in the best interests of the other party.
Discretionary trusts and powers in English law are elements of the English law of trusts, specifically of express trusts.Express trusts are trusts expressly declared by the settlor; normally this is intended, although there are situations where the settlor's intentions create a trust accidentally.
The legal status of a protector is the subject of some debate. No-one doubts that a trustee has fiduciary responsibilities. If a protector also has fiduciary responsibilities, then the courts—if asked by beneficiaries—could order him or her to act in the way the court decrees. However, a protector is unnecessary to the nature of a trust ...
A fiduciary is a term that crosses domains, meaning that it can be used in areas besides finance. For example, lawyers are fiduciaries, as are the directors of a corporation, relative to its ...
A fiduciary deposit account is an account that’s owned by one or more persons but managed by another. The owner is known as the principal, while the manager is known as the fiduciary .
A fiduciary trust is a fiduciary relationship in which a trustee holds the title to assets for the beneficiary. The trust's creator is called the grantor and a fiduciary trust is structured under trust law .
The trustee is to act in accordance with such powers unless "the attempted exercise is manifestly contrary to the terms of the trust or the trustee knows the attempted exercise would constitute a serious breach of a fiduciary duty that the person holding the power owes to the beneficiaries of the trust."
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related to: fiduciary powers meaning