fiduciary relationship

A relationship in which one person is under a duty to act for the benefit of another on matters within the scope of the relationship.

• Fiduciary relationships — such as trustee–beneficiary, guardian–ward, principal–agent, and attorney–client — require an unusually high degree of care. Fiduciary relationships usu. arise in one of four situations: (1) when one person places trust in the faithful integrity of another, who as a result gains superiority or influence over the first, (2) when one person assumes control and responsibility over another, (3) when one person has a duty to act for or give advice to another on matters falling within the scope of the relationship, or (4) when there is a specific relationship that has traditionally been recognized as involving fiduciary duties, as with a lawyer and a client or a stockbroker and a customer.

— Also termed fiduciary relation; confidential relationship. Cf. special relationship


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