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Fiduciary duty is a legally binding responsibility of a professional to act in the client’s best interests. If they have agreed to act as a fiduciary, they cannot act in the best interests of ...
State agencies promulgate rules and regulations (sometimes called administrative law) in the Register of Ohio, which are in turn codified in the Ohio Administrative Code (OAC). Ohio's legal system is based on common law , which is interpreted by case law through the decisions of the Supreme Court, District Courts of Appeals, and trial courts ...
The Uniform Fiduciary Income and Principal Act (UFIPA) is one of the uniform acts that have been proposed in an attempt to harmonize the law in all fifty U.S. states. [1] UFIPA was finalized and adopted by the Uniform Law Commission (ULC) in 2018. [2] UFIPA is an updated version of the Uniform Principal and Income Act (UPIA).
These performance standards may be defined by common law, statutes, rules and regulations, or specifically by contracts, trust agreements or wills. Increasingly in the US, the prudent investor rule, in place of the long-standing prudent man rule , is viewed as the standard of performance for the management of assets by a personal fiduciary.
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.
A U.S. judge has blocked a Department of Labor rule from taking effect that would have expanded the types of retirement advisers who are considered fiduciaries, finding the rule was arbitrary and ...
Legal professional rules have tended to adopt the broad view of the scope of duty recognised in contract law. The obligation to retain information in confidence, according to the professional rules in Australian jurisdictions is premised on its connection with the legal retainer rather than the source of the information. Hence, the professional ...
Fiduciary management is an approach to asset management that involves an asset owner appointing a third party to manage the total assets of the asset owner on an integrated basis through a combination of advisory and delegated investment services, with a view to achieving the asset owner's overall investment objectives. In principle, the model ...