At Grimmer & Associates we have pursued and defended claims against fiduciaries, whether President, CEO, trustee, attorney or accountant, or numerous other positions of trust and confidence, we understand fiduciary duties and the selfless protection of clients, company and confidants.
(Law) a person bound to act for another's benefit, as a trustee in relation to his beneficiary
a. having the nature of a trust
b. of or relating to a trust or trustee
A fiduciary is a legal or ethical relationship of trust between two or more parties. Typically, a
fiduciary prudently takes care of money for another person. One party, for example a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to the other one, who for example has entrusted funds to the fiduciary for safekeeping or investment. Likewise, asset managers--including managers of pension plans, endowments and other tax-exempt assets--are
considered fiduciaries under applicable statutes and laws. In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter. In such a relation good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trusts.
A fiduciary is someone who has undertaken to act for and on behalf of another in a particular
matter in circumstances which give rise to a relationship of trust and confidence.
A fiduciary duty is the highest standard of care at either equity or law. A fiduciary is expected to
be extremely loyal to the person to whom he owes the duty (the "principal"): he must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents.
In English common law the fiduciary relation is arguably the most important concept within the portion of the legal system known as equity.