A Fiduciary is someone who acts on behalf of another in a particular matter or transaction. A Fiduciary has power that is capable of being used to affect his Principal and who must exercise that power solely in the best interests of his Principal.
A person in a position of trust and confidence. Example: A real estate broker who becomes an agent of a seller or buyer is deemed to be a Fiduciary. Other examples of fiduciaries are trustees, executors, and guardians
One who is bound to look after the affairs of another, using the same standards of care and prudence as he or she would use in attending to his or her own affairs, as in a trustee of a trust or a board member of a board.
A person in a position of trust and confidence, as between principal and broker. A fiduciary may not make a profit from his or her position without first disclosing it to the beneficiary. Back to the Top
A person or organisation entrusted with the responsibility of managing, holding or investing assets in the best interests of the owner of the assets. Trustees of superannuation funds are fiduciaries in respect of the members of their funds.
One who occupies a position of special trust and confidence, as in handling or supervising the affairs or funds of another. Trustees, executors, administrators, corporate directors, etc., are fiduciaries. The mere fact that somebody is trusted by somebody else, however, does not establish a fiduciary relation. The relation must be one fitting a recognized legal category. A fiduciary under ERISA, for instance, must meet certain statutory tests and is prohibited from engaging in defined acts.
A person in a position of great trust and responsibility who supervises the financial affairs of others. In the financial services area, it can be a person or institution that manages money or property for another and must exercise proper and prudent judgment as stipulated by law.
A person, company, or association that holds assets in trust for a beneficiary. The fiduciary is charged with the responsibility of investing the assets wisely for the beneficiary's benefit. Examples of fiduciaries include executors of wills and estates, trustees, and those who administer the assets of underage or incompetent beneficiaries.
A real estate broker who becomes an agent of a seller or buyer is deemed to be a Fiduciary. Other examples of fiduciaries are trustees, executors, and guardians. As a fiduciary, a real estate broker is held by law to owe specific Fiduciary Duties to his/her Principal (the person who they are representing), in addition to duties or obligations set forth in a Listing Agreement, Buyer Representation Agreement, or other contract of employment. Subagents of the broker also owe the same Fiduciary Duties to the broker's principal.
One who has a duty to another by reason of position, special expertise, or some other attribute or agreement. This status may be defined explicitly or may be inferred (or assigned by a court) based on the relationship between the parties.
indicates the relationship of trust and confidence where one person (the fiduciary) holds or controls property for the benefit of another person. For example, the relationship between a trustee and the beneficiaries of the trust.
A fiduciary is an individual or organization legally responsible for holding or investing assets on behalf of someone else, usually called the beneficiary. The assets must be managed in the best interests of the beneficiary, not for the personal gain of the fiduciary. However, the term acting responsibly can be broadly interpreted, and may mean preserving principal to some fiduciaries and producing reasonable growth to others. Executors, trustees, guardians, directors of listed companies and agents with powers of attorney are examples of individuals with fiduciary responsibility.
An individual responsible for operating the Savings Plan using sound judgment in the interest of all Plan participants and beneficiaries. Fiduciaries may include certain employees who make discretionary decisions regarding certain Plan administration matters. They also may include investment advisors, trustees, and certain others.
An individual or organization having duty, created by contract, to act primarily for the owner's benefit in respect to the trust and confidence involved in the duty and the scrupulous good faith and candor which it requires.
A person or entity who acts for the benefit of another to preserve or manage property, and who must observe certain rules of fiduciary behavior. Examples: The trustee of a trust or the executor of an estate.
Any person who has discretion over plan assets, benefit levels, accounting and record keeping, investments or benefit/eligibility decisions. A fiduciary has a duty under federal law to operate the plan in a prudent (conservative) manner and in the exclusive interest of the persons covered under the plan. A TPA is not a fiduciary.
a person who holds the legal title to real or personal property for the use and benefit of another, and includes a personal representative of a decedent's estate or a trustee of a testamentary or inter vivos trust ("living trust")
The person who provides investment advice to a company's qualified retirement plan for a fee, and/or has discretionary control or authority over the administration of the plan, and/or has authority or control over the assets of the plan.
Normally, a fiduciary is synonymous to a trustee, which is the classic form of a fiduciary relationship. A fiduciary has rights and powers which would normally belong to another person. The fiduciary holds those rights which he or she must exercise to the benefit of the beneficiary. Fiduciary responsibilities exist for persons other than trustees such as between solicitor and client. full faith and credit act A legal principle requiring judges to recognize and enforce valid decrees and judgments issued by courts in other states.
A person or institution which occupies a position of special trust and has responsibility for the money, property or financial affairs of another. A claim representative is a fiduciary agent of the insurance company.
A person or organization that is authorized to control or manage pension assets, or that is authorized or responsible for administering a pension plan. Fiduciaries are legally obligated to discharge their duties solely in the interest of plan participants and beneficiaries, and are accountable for any actions that may be construed by courts as breaching that trust.
The highest ethical and moral obligations and duty of good faith a person is charged with for fulfilling their responsibilities. The board of directors of a community association has a fiduciary responsibility to act in the best interests of the association.
Fiduciary includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate. It may also include agents acting under a power of attorney.
A person, company, or association holding assets in trust for a beneficiary. Or, a person or entity holding a special relationship of trust, confidence, or responsibility in obligations to others (i.e., a broker may have a fiduciary responsibility to a funding source).
A person with the legal duty to act primarily for another's benefit in a position of trust, good faith, candor and responsibility. "Fiduciary" is often used as an alternative term for "trustee", although a trustee is but one type of fiduciary.
A trustee, personal representative, guardian, or other person, whether an individual or corporate entity, who by reason of a written agreement, will, court order, or other instrument has the responsibility for the acquisition, investment, reinvestment, exchange, retention, sale, or management of money or property of another.
A person or entity who is entrusted with duties on behalf of another, (such as an attorney or a person with power of attorney). The law requires the highest level of good faith, loyalty and diligence from a fiduciary. This duty is higher than the common duty of care that we all owe to each other.
Person appointed by a court to act on behalf of another, including the administration of an estate and the management of a trust or ward. Fiduciaries are often asked to post bonds guaranteeing their performance.
A person, company, or association who exercises discretionary authority over the management of another's assets or holds assets in trust for a beneficiary. The fiduciary renders investment advice for a fee, or is charged with the responsibility of investing the money wisely for the plan.
A special relationship of trust and confidence owed by one person to another. The relationship imposes a number of special obligations on the fiduciary, including a duty of due care and a duty of loyalty. Supreme Court Justice Cardozo, in a famous quotation, described it as "something more than the ordinary honor of the marketplace" and instead "the very punctilio of honesty and forthrightness." A breach of a fiduciary duty exposes the wrongdoer to liability for punitive damages and compensatory damages.
Under ERISA, an individual who (1) exercises discretion authority of control over a plan or assets, (2) renders investment advice for a fee or other compensation with respect to funds or property of a plan or has the authority to do so, or (3) has any discretionary authority or responsibility in administration of a plan.
A responsible person, related to a retirement plan, who holds or controls property (investments) for the benefit of another (participant). ERISA also defines a fiduciary as any person who: exercises any discretionary control over the management of the plan or management or disposition of the assets, or renders investment advice for a fee or other compensation with respect to the assets of the plan, or has any discretionary authority or responsibility in the administration of the plan. A fiduciary must perform his duties in the interest of the participants and beneficiaries of the plan. Duties include paying the reasonable expenses of the plan.
A person to whom property is entrusted to hold, control, or manage for another. The fiduciary of a trust is the person who is legally responsible for managing the assets of the trust in a competent manner.
A person having a duty to act for another's benefit. A person or institution that manages money or property for another and who must exercise care in such management activity imposed by law or contract.
a. Any person responsible for the custody or administration, or both, of property belonging to another, as, a trustee. b. Of, relating to, or being a trustee or trusteeship. c. Held in trust. One such as an agent of a principal or a company director, that stands in a special relation of trust, confidence, or responsibility in certain obligations to others.
Under ERISA, any person who (1) exercises any discretionary authority or control over the management of the Plan or the management or disposition of assets; (2) renders investment advice for a fee with respect to the funds or property of a plan, or has the authority to do so, or (3) has any discretionary authority or responsibility in the administration of the Plan.
The real estate broker in Alabama, and in the nation as a whole, occupies a unique position. As a fiduciary agent of the principal, the broker must, at times, make decisions independent of his or her client. however, the broker must never exceed the authority or disregard the instructions given by the client.
A person such as an attorney, executor of an estate, or a trustee holding money or property who is obligated to act ethically and responsibly on behalf of someone else. The fiduciary must safeguard the property left under his or her care.
A person or corporation that takes on a responsibility of trust for another. When a person accepts the duties of trustee, or Personal Representative, they are assuming fiduciary responsibility. Fiduciaries are held to a higher standard of care with regard to the assets than are individuals who are dealing with their own assets. Many states have adopted Prudent Investor Rules, that govern the care which a fiduciary must give in managing assets.
An individual or a institution charged with the duty of acting for the benefit of another party as to matters coming within the scope of the relationship between them. The relationship between a guardian and his ward, an agent and his principal, an attorney and his client, one partner and another partner, a trustee and a beneficiary, a person who exercises discretionary control or authority over management of a benefit plan, each is an example of fiduciary relationship.
An individual, corporation or association with responsibility for assets of another party, often with the legal authority and duty to make decisions regarding financial matters on behalf of that party.
A person who essentially acts as a trustee. Real estate agents and salespersons are considered by law to be fiduciaries. As such they have a duty to act primarily for the benefit of the person who employed them and not their own.
A person with the authority to make decisions regarding a plan's assets or important administrative matters. Fiduciaries are required under ERISA to make decisions based solely on the best interests of plan participants.
a person having control over and responsibility for the assets of another, or the responsibility of that office. A fiduciary is a steward in the common-law and religious sense. The fiduciary's duty is to faithfully administer the affairs of another with utter disregard for his own interests.
An individual or a trust institution charged with the duty of acting for the benefit of another party as to matters coming within the scope of the relationship between them. The relationship between a guardian and his ward, an agent and his principal, an attorney and his client, one partner and another partner, a trustee and a beneficiary, each is an example of fiduciary relationship, See also ERISA Section 3(21)(A).
refers to a person acting as trustee, or a character analogous to trustee. A person having duty, created by his undertaking, to act primarily for another's benefit including managing money or property for another
Of or relating to a holding of something in trust for another; of or being a trustee or trusteeship such as an agent of a principal, that stands in a special relation of trust, confidence, or responsibility in certain obligations.
One who exercises discretionary authority or control over a retirement plan or disposition of its assets; renders investments advice for a fee with respect to moneys or property of a plan or has authority or responsibility to do so; or has discretionary authority or responsibility in the administration of a plan.
An individual, company or association responsible for managing someone else's assets. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy and those responsible for managing the finances of a minor.
A relationship that implies a position of trust or confidence wherein one person is usually entrusted to hold or manage property or money for another. The term fiduciary describes the faithful relationship owed by an attorney to a client or by a broker (and salesperson) to a principal. The fiduciary owes complete allegiance to the client. Among the obligations that a fiduciary owes to his or her principal and the duties of loyalty, obedience and full disclosure; the duty to use skill, care and diligence; and the duty to account for all monies. (See law of agency, principal)
Relating to, or found upon, a trust or confidence. A fiduciary relationship exists where an individual or organization has an explicit or implicit obligation to act in behalf of another person's or organization's interests in matters which affect the other person or organization. This fiduciary is also obligated to act in the other person's best interest with total disregard for any interests of the fiduciary.
The Employee Retirement Income Security Act (ERISA) defines a fiduciary as any person who exercises any discretionary authority or control over a plan's asset management, administration or disposition, or renders investment advice for a fee or other compensation with respect to a plan's assets. Fiduciaries may include staff, trustees, investment board members, administrators, consultants, actuaries and investment managers. ERISA permits civil action to be brought by a beneficiary against any fiduciary that has breached its fiduciary duty. Fiduciaries can be held personally liable for any losses to a plan resulting from such breach.
A person charged by law and equity with a higher duty of care for another person. A person who, as a result of a relationship with another person, is required by law to place the other person's interests equal to or ahead of his own in all dealings involving that other person. The relationship is often created when the other person approaches the fiduciary to use the fiduciary's special skills and knowledge, for a fee, to benefit the other person. Real estate agents, lawyers, trustees, investment brokers etc. are often fiduciaries.
One who occupies a position of confidence or trust and who exercises any power of control, management or disposition with respect to monies or other property of an employee benefit fund or who has authority or responsibility to do so.
A person or institution which manages the assets on behalf of another, including a Personal Representative, Trustee and a Guardians. Grantor The person who creates a trust (sometimes also referred to as the "Donor" or the " Settlor"). Grantor Trust (See Living Revocable Trust) A living trust who the assets of which are regarded as still being owned by the Grantor for income tax purposes. As a result, the income generated by trust assets is taxable to the Grantor, not to the trust or its beneficiaries.
A person or corporation having the duty created by his undertaking to act primarily for another's benefit in matters connected with such undertaking, or an agent handling the business of another when the business which he transacts or the money or property which he handles is not his own or for his own benefit, but for the benefit of another person to whom he stands in a relation in-plying and necessitating great confidence and trust on the one part and a high degree of good faith on the other.
comes from a Latin word meaning trust and confidence. This is a generic term used to refer to a person (or entity) that serves in a representative capacity. Personal representatives, trustees, guardians, conservators, and agents under powers of attorney are all fiduciaries.
Generally, a fiduciary is a person who exercises discretionary control over the assets of another party and has a responsibility to that party. ERISA sets forth strict standards which govern the responsibilities of a fiduciary and the determination of who is a fiduciary.
Holding in trust. A person upon whom a trust has been handed down. When an agent collects an insurance premium, he/she holds the money in a fiduciary capacity. The money does not belong to them, and they should remit the premium as soon as possible.
A person who is under an obligation to act in another's interest to the exclusion of the fiduciary's own interest. A fiduciary cannot use his or her position, knowledge or opportunity to the fiduciary's own advantage, or have a personal interest in, or inconsistent engagement with a third party, unless fully informed and free consent is given.
An individual or institution responsible for acting in the best interests of another party. A fiduciary is bound by law and duty to put aside personal interests and act in good faith when making decisions for the benefit of another.
A fiduciary is person, synonymous to a trustee, who has rights and powers which would normally belong to another person and strict obligations in carrying out those rights. For instance, the fiduciary must exercise those rights only for the benefit of the beneficiary; must not allow any conflict of interest to affect their duties towards the beneficiary; and must exercise a high standard of care in protecting or promoting the interests of the beneficiary. Fiduciary responsibilities also exist for persons other than trustees, such as between lawyer and client or principal and agent.
A person or organization, which holds, manages and has discretionary authority and control over money belonging to another person or organization, or who renders investment advice in exchange for compensation. When an insurance company manages pension funds, the insurance company is acting as a fiduciary.
An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
fiduciary relationship is "one founded on trust or confidence reposed by one person in the integrity and fidelity of another." Basically, the fiduciary relationship is one where someone is given something to care for--copyrights, for example--and specific instructions about how to provide that care. Further instructions on how that care should be given may be issued as time goes on, and the caretaker is obliged to follow those instructions. Though the thing being cared for may come to be legally registered as the property of the caretaker, the original owner (in our case, the fellowship) maintains what is called equitable interest in the property and may take it back. (Instrument, Article V, Section 4; Operational Rules, Article I, Section 1; and Article IV, Sections 2, 3, and 10)
One with the legal duty to act in the best interest and benefit of another and therefore held to the very highest legal standards. Fiduciaries include trustees, attorneys-in-fact, and personal representatives. Grantor/Settlor/Trustor The person who sets up or creates a living trust.
A person holding the character of a trustee, or a character analogous to that of a trustee, in respect to the trust and confidence involved in it and the scrupulous good faith and candor which it requires.
A person who essentially holds the character of a trustee. Real estate brokers and salespersons are considered by law to be fiduciaries, thus they have a duty to act primarily for the principal's (the person who employed them) benefit and not their own. A fiduciary must act with the highest degree of care and good faith in relations with the principal and on the principal's business. 'Me penalties for failing in fiduciary duties may be quite severe.
a person with a duty, created by his own undertaking, to act primarily for the benefit of another in matters connected with the undertaking. Breach of fiduciary duty results in liability for damages caused the person to whom the duty is owed.
One who is entrusted with duties on behalf of another. The law requires the highest level of good faith, loyalty and diligence of a fiduciary, higher than the common duty of care that we all owe one another. The debtor in possession in a Chapter 11 is a fiduciary for the creditors, owing loyalty to the creditors and not the shareholders of the debtor.
A fiduciary is a person who manages the assets or affairs of another person and includes executors, administrators, trustees, guardians, conservators, and agents and owes specific duties to that person. The fiduciary is required to follow the instructions contained in the instrument that appointed the fiduciary and the various laws that pertain to fiduciaries, such as the Uniform Prudent Investor Act and the Uniform Principal and Income Act. The fiduciary's duties include the duty of loyalty, duty to use due care, duty to avoid self-dealing or conflicts of interest, and the duty to provide accurate information.
Relating to, or involving a confidence or trust. A person holding the character of a trustee in respect to the trust and confidence involved in it and the scrupulous good faith and candour which it requires.
A person who has been given the power to deal with another person's assets or affairs, in whose best interests he has a duty to act at all times. In particular, the fiduciary may not abuse his position in such a way as to achieve personal gain or profit for himself.
Generally, the term fiduciary means an individual legally appointed to hold or manage assets in trust for someone else. Hence, retirement accounts, such as IRAs and 401(k) plans that are overseen by a third-party (such as an employer), are known as fiduciary accounts.
A fiduciary has rights and powers which would normally belong to someone else. The fiduciary holds those rights and uses them to benefit someone else. Fiduciary responsibilities exist for persons other than trustees such as between solicitor and client. A fiduciary can usually be considered the same as a trustee.
Person, company, or association entrusted with the control of assets for the benefit of another, known as the beneficiary. Most states have laws governing the conduct of fiduciaries. Some states maintain a list of securities, known as the legal list, which are permissible investments for fiduciaries acting on behalf of their beneficiaries. Other states simply use the prudent man rule which requires that fiduciaries act as a prudent man or woman would with regard to how they invest on behalf of their beneficiary. In addition, the document appointing the fiduciary will establish parameters and guidelines for their activities with respect to the beneficiary's assets. Some examples of fiduciaries are executors of wills, administrators of estates, receivers in bankruptcy, trustees, and custodians for minors. See: Legal List; Prudent Man Rule
A person in a position of highest trust, good faith and confidence, such as between a trustee and a beneficiary. As fiduciary, a broker owes certain loyalty which cannot be breached under the rules of agency.
Normally, the term is synonymous to a trustee, which is the classic form of a fiduciary relationship. A fiduciary has rights and powers which would normally belong to another person. The fiduciary holds those rights which he or she must exercise to the benefit of the beneficiary. A fiduciary must not allow any conflict of interest to infect their duties towards the beneficiary and must exercise a high standard of care in protecting or promoting the interests of the beneficiary. Fiduciary responsibilities exist for persons other than trustees such as between solicitor and client and principal and agent. Fieri facias writ of fieri facias commands a sheriff to take and sell enough property from the person who lost the law suit, to pay the debt owed by the judgment. Force majeure French for an act of God; an inevitable, unpredictable act of nature, not dependent on an act of man. Used in insurance contracts to refer to acts of nature such as earthquakes or lightning.
An individual, commonly a trustee of a trust, who assumes legal responsibility to perform duties or manage affairs for the benefit of another person or beneficiary. An attorney assumes a fiduciary role when representing clients.
Person who is responsible for the administration of property owned by others. Corporate management is a FIDUCIARY with respect to corporate ASSETS which are beneficially owned by the stockholders and CREDITORS. Similarly, a TRUSTEE is the fiduciary of a TRUST and partners owe fiduciary responsibility to each other and to their creditors.
A relationship in which one person places confidence in another in regard to a particular transaction or one's general affairs or business. The relationship is not necessarily formally or legally established as in a declaration of trust but can be one of moral or personal responsibility.
A trusted person or agent - someone in whom confidence has been placed. Noun - A person who is in a position of trust in relation to another party; or a person in a confidential or trust position. Adjective - Confidential, such as a confidential relationship. Fiduciary refers to the relationship of an agent to his principal.
a person who occupies a position of special trust and confidence (for example, in handling or supervising the affairs or funds of another). There are many types of fiduciaries, including an executor of an estate or a court-appointed guardian of a minor.
One who is appointed to act in the best interests of another. A fiduciary is a person or entity appointed by the court to handle the affairs of persons who are not able to do so themselves. Fiduciaries are often requested to furnish a bond to guarantee faithful performance of their duties.
Where one person is in a position of trust - e.g. he has been given something to look after for another person - a fiduciary relationship may arise between the two persons involved. If the arrangement is of a sufficient degree to create a legal relationship, the person who is in the fiduciary capacity will owe duties akin to those applicable to trustee.
1. A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his/her own profits. 2. A loan made on trust rather than against some security or asset.