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Dictionary of Law |
fiduciary :: legal definitionFiduciary - 1) n. from the Latin fiducia, meaning "trust," a person (or a business like a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty. The most common is a trustee of a trust, but fiduciaries can include business advisers, attorneys, guardians, administrators of estates, real estate agents, bankers, stockbrokers, title companies or anyone who undertakes to assist someone who places complete confidence and trust in that person or company. Characteristically, the fiduciary has greater knowledge and expertise about the matters being handled. A fiduciary is held to a standard of conduct and trust above that of a stranger or of a casual business person. He/she/it must avoid "self-dealing" or "conflicts of interests" in which the potential benefit to the fiduciary is in conflict with what is best for the person who trusts him/her/it. For example, a stockbroker must consider the best investment for the client and not buy or sell on the basis of what brings him/her the highest commission. While a fiduciary and the beneficiary may join together in a business venture or a purchase of property, the best interest of the beneficiary must be primary, and absolute candor is required of the fiduciary. 2) adj. defining a situation or relationship in which a person is acting as a fiduciary for another. See also: confidential relation fiduciary relationship trust and Related Law Terms ↓ Related Law Termsaccretion :: n. 1) in real estate, the increase of the actual l ... cted event. See also: probate trustadministrator :: n. the person appointed by the court to handle the ... e also: administer executor probate advancement :: n. a gift made by a person to one of his or her ch ... tate gift in contemplation of death after-acquired title :: n. title to property acquired after the owner atte ... ed title goes automatically to Sam. agency :: n. the relationship of a person (called the agent) ... ondeat superior scope of employment apparent authority :: n. the appearance of being the agent of another (e ... e also: agency ostensible authority articles of incorporation :: n. the basic charter of a corporation which spells ... year's taxes. See also: corporation attorney-in-fact :: n. someone specifically named by another through a ... cument. See also: power of attorney attorney's fee :: n. the payment for legal services. It can take sev ... ees in the particular type of case. bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy beach bum trust provision :: n. a requirement in a trust that a beneficiary can ... live off the trust. See also: trust breach :: 1) n. literally, a break. A breach may be a failur ... breach of trust breach of warranty cestui que trust :: n. (properly pronounced ses-tee kay, but lawyers p ... ust's assets. See also: beneficiary cestui que use :: (pronounced ses-tee kay use or setty kay use) n. a ... beneficiary cestui que trust trust claim against an estate :: n. upon the death of a person and beginning of pro ... ade to the heirs. See also: probate commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another. confidential communication :: n. certain written communications which can be kep ... privilege privileged communication confidential relation :: n. a relationship in which one person has confiden ... remely obvious. See also: fiduciary conflict of interest :: n. a situation in which a person has a duty to mor ... a position adverse to the customer. corporation :: n. an organization formed with state governmental ... ation public corporation securities co-trustee :: n. a trustee of a trust when there is more than on ... act alone. See also: trust trustee d.b.a. :: n. short for "doing business as," when a person or ... that is registered with the state. deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee duty of care :: n. a requirement that a person act toward others a ... e also: negligence standard of care estate :: n. 1) all that one owns in real estate and other a ... ife estate probate real estate will executor :: n. the person appointed to administer the estate o ... sed decedent executrix probate will fiduciary relationship :: n. where one person places complete confidence in ... handling. See also: fiduciary trust gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax hearsay rule :: n. the basic rule that testimony or documents whic ... interest dying declaration hearsay hit and run :: n. the crime of a driver of a vehicle who is invol ... , and then walks back to the scene. impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will incorporate :: v. 1) to obtain an official charter or articles of ... te by reference incorporation stock insanity :: n. mental illness of such a severe nature that a p ... M'Naughten rule temporary insanity insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy inter vivos :: (in-tur veye-vohs) adj. Latin for "among the livin ... e will. See also: inter vivos trust interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will legatee :: n. a person or organization receiving a gift of an ... eficiary devise devisee legacy will leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging. liability :: n. one of the most significant words in the field ... bility joint tortfeasors negligence life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property. limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution. maxims :: n. a collection of legal truisms which are used as ... e and the ordinary habits of life." merger :: n. 1) in corporate law, the joining together of tw ... and taking one, and wife the other. misappropriation :: n. the intentional, illegal use of the property or ... mbezzlement fiduciary larceny theft negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort net estate :: n. the remaining estate of a person who has died, ... alue. See also: estate tax gift tax no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence nominee :: n. 1) a person or entity who is requested or named ... ic office. See also: agent executor notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice notice to quit :: n. the notice given by a landlord (owner) to a ten ... h-to-month notice unlawful detainer obscene :: adj., adv. a highly subjective reference to materi ... en I see it." See also: pornography omission :: n. 1) failure to perform an act agreed to, where t ... of contract negligence reformation pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction. probate :: 1) n. the process of proving a will is valid and t ... e also: administrator executor will process :: n. in law, the legal means by which a person is re ... service of process subpena summons property damage :: n. injury to real or personal property through ano ... l value. See also: damages property real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit. real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion remedy :: n. the means to achieve justice in any matter in w ... gment provisional remedy settlement service :: n. 1) paid work by another person, either by contr ... ersonal services service of process special administrator :: n. a person appointed by the court in a probate pr ... or administrator. See also: probate spendthrift clause :: n. a provision in a trust or will that states that ... tly to Junior. See also: trust will straw man :: n. 1) a person to whom title to property or a busi ... a trail will mislead hunting dogs). trade fixture :: n. a piece of equipment on or attached to the real ... uch damage. See also: fixture trade trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor will :: n. a written document which leaves the estate of t ... will and testament probate testator Popular Law Searcheslegal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger." mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor. clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate. Other Law Terms - Fface amount :: n. the original amount due on a promissory note or ... rein, without calculating interest.face value :: n. in shares of stock, the original cost of the st ... on the certificate, or "par value." fact :: n. an actual thing or happening, which must be pro ... dge if he/she sits without a jury). fact finder (finder of fact) :: n. in a trial of a lawsuit or criminal prosecution ... n facts. See also: question of fact factor :: n. 1) a salesman who sells in his/her own name on ... ing that contributes to the result. failure of consideration :: n. not delivering goods or services when promised ... n. See also: consideration contract failure of issue :: n. when someone dies leaving no children or other ... ildren or other direct descendants. fair comment :: n. a statement of opinion (no matter how ludicrous ... amation libel public figure slander fair market value :: n. the amount for which property would sell on the ... so: appraise appraiser market value fair trade laws :: n. state laws which permit manufacturers or produc ... state constitutions in many states. fair use :: n. the non-competitive right to use of copyrighted ... for a royalty. See also: copyright false arrest :: n. physically detaining someone without the legal ... sment. See also: false imprisonment false imprisonment :: n. depriving someone of freedom of movement by hol ... for damages. See also: false arrest false pretenses :: n. the crime of knowingly making untrue statements ... orm of theft. See also: fraud theft family :: n. 1) husband, wife and children. 2) all blood rel ... ting this economic and social unit. family purpose doctrine :: n. a rule of law that the registered owner of an a ... riving his/her car with permission. federal courts :: n. the court system which handles civil and crimin ... rans' appeals. See also: bankruptcy federal question :: n. one basis for filing a lawsuit in federal distr ... ves the federal court jurisdiction. Federal Tort Claims Act :: n. a statute (1948) which removed the power of the ... diction to federal district courts. fee :: n. 1) absolute title in land, from old French, fie ... See also: attorney's fee fee simple |