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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.
The corporate opportunity doctrine is the legal principle providing that directors, officers, and controlling shareholders of a corporation must not take for themselves any business opportunity that could benefit the corporation. [1] The corporate opportunity doctrine is one application of the fiduciary duty of loyalty. [2]
Directors' duties are a series of statutory, common law and equitable obligations owed primarily by members of the board of directors to the corporation that employs them. It is a central part of corporate law and corporate governance.
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 ...
Fiduciary and financial advisor are related terms, but they are not synonymous. Some fiduciaries are financial advisors, but the term also includes individuals who do not work in finance.
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 Rockefeller-Morgan Family Tree (1904), which depicts how the largest trusts at the turn of the 20th century were in turn connected to each other. A trust or corporate trust is a large grouping of business interests with significant market power, which may be embodied as a corporation or as a group of corporations that cooperate with one another in various ways.