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The duty of loyalty is often called the cardinal principle of fiduciary relationships, but is particularly strict in the law of trusts. [1] In that context, the term refers to a trustee 's duty to administer the trust solely in the interest of the beneficiaries , and following the terms of the trust .
Duty of loyalty: A fiduciary is on your team. Their responsibility is to be on your side and act in a way that benefits you, not them or their employer. Duty of disclosure: ...
The corporate opportunity doctrine does not apply to all fiduciaries of a corporation; rather, it is limited to directors, officers, and controlling shareholders. [3] The doctrine applies regardless of whether the corporation is harmed by the transaction; indeed, it applies even if the corporation benefits from the transaction. [4]
According to Royce, loyalty is a virtue, indeed a primary virtue, "the heart of all the virtues, the central duty amongst all the duties". Royce presents loyalty, which he defines at length, as the basic moral principle from which all other principles can be derived. [8]
An attorney owes the client undivided loyalty. [13] The courts have described this principle as "integral to the nature of an attorney's duty." [14] Without undivided loyalty, irreparable damage may be done "to the existing client's sense of trust and security – features essential to the effective functioning of the fiduciary relationship…"
The other aspects of fiduciary duty are a director's duty of loyalty and (possibly) duty of good faith. Put simply, a director owes a duty to exercise good business judgment and to use ordinary care and prudence in the operation of the business. They must discharge their actions in good faith and in the best interest of the corporation ...
Specifically, the court held that he was obligated by the fiduciary duty of communication to notify the venture of profits obtained during the course of his agency. The court held that he was obligated by the duty of loyalty to share the profits with the venture. Alternatively, the court holds that he was required to inform Meinhard of the ...
These loyalty quotes help put words to the value of a trusting relationship as well as the heartbreak of betrayal, by names from Shakespeare to Selena Gomez.