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Different jurisdictions regard fiduciary duties in different lights. Canadian law, for example, has developed a more expansive view of fiduciary obligation than American law, [14] while Australian law and British law have developed more conservative approaches than either the United States or Canada. [3]
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.
A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trustee of various kinds of trusts.
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 could be anyone with expertise — such as a lawyer, trustee or financial advisor — who must advise a client on the best way to proceed or otherwise act on their behalf. What is a ...
The trust's creator is called the grantor and a fiduciary trust is structured under trust law. [1] One usage of the term "fiduciary trust" is to distinguish the word "trust" from usage in general contexts where it does not imply a trustee-beneficiary relationship, and also sometimes to distinguish it from implied trusts (such as some ...
A fiduciary bond, otherwise known as a probate bond, is a protective court bond that ensures a fiduciary will honor the expectations placed on them according to the law. To prevent damage, as a ...
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.
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