DarrenW
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| posted on 10/6/09 at 06:35 PM |
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Fiduciary
Anybody know what what a fidiciary relationship and Fiduciary duties are please?
Context is a sales agency agreement. i know i can look it up online / dictionary but im interested to know what your understanding is if you have had
it in one of your contracts before.
Thanks again in advance,
Darren.
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omega0684
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| posted on 10/6/09 at 06:42 PM |
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The fiduciary duty is a legal relationship of confidence or trust between two or more parties, most commonly a fiduciary or trustee and a principal or
beneficiary. One party, for example a corporate trust company or the trust department of a bank, holds a fiduciary relation or acts in a fiduciary
capacity to another, such as one whose funds are entrusted to it for investment. In a fiduciary relation one person justifiably reposes 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 one to
act at all times for the sole benefit and interests of another, with loyalty to those interests.
“ 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.[1] ”
A fiduciary duty[1] is the highest standard of care at either equity or law. A fiduciary (abbreviation fid) 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. The word itself comes originally from the Latin fides, meaning faith, and fiducia, trust.
In English common law the fiduciary relation is arguably the most important concept within the portion of the legal system known as equity. In the
United Kingdom, the Judicature Acts merged the courts of equity (historically based in England's Court of Chancery) with the courts of common
law, and as a result the concept of fiduciary duty also became usable in common law courts.
When a fiduciary duty is imposed, equity requires a stricter standard of behavior than the comparable tortious duty of care at common law. It is said
the fiduciary has a duty not to be in a situation where personal interests and fiduciary duty conflict, a duty not to be in a situation where his
fiduciary duty conflicts with another fiduciary duty, and a duty not to profit from his fiduciary position without express knowledge and consent. A
fiduciary cannot have a conflict of interest. It has been said that fiduciaries must conduct themselves "at a level higher than that trodden by
the crowd"[2] and that "[t]he distinguishing or overriding duty of a fiduciary is the obligation of undivided loyalty
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David Jenkins
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| posted on 10/6/09 at 06:46 PM |
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My brain switched off halfway through reading that... 
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omega0684
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| posted on 10/6/09 at 06:48 PM |
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i think you only need to read the first paragraph, god bless wikipedia, cuz theres no way im writing that out for the server to crash 
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clairetoo
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| posted on 10/6/09 at 07:14 PM |
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But...........do you understand any of it ? Cuz I sure as heck dont 
Its cuz I is blond , innit
Claire xx
Will weld for food......
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tomprescott
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| posted on 10/6/09 at 07:24 PM |
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I think that this relates to the three froms of trust; competence, contractual and goodwill. I'm not sure of the legal implications though, it
may just say that the contract requires the party (you) to act within the guidelines of both companies' CSR mandate, if in doubt ask them, if
its in your contract and they want you to fulfill certain things then make sure that they have explicitly specified them in the contract.
If you're going to be selling this company's products (is this a foreign company?) you are expected to act as them, meaning you
wouldn't do anything that might cause a conflict of interest - for example copy their design and sell it cheaper.
[Edited on 10/6/09 by tomprescott]
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Theshed
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| posted on 10/6/09 at 07:44 PM |
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I hate to admit it but I do understand it. When a person is a placed in a fiduciary position towards some other person (which could include a
salesman) they are obliged to act only on behalf of the other person and not on their own behalf unless they had told the other person first. If they
breach that duty then they can be forced to give up any benefit they have received. So.... if a salesman on a sales visit discovers that a potential
client of his employer wants to buy lots of [Locost bits] and because he is a bit fed up decides not to tell his boss (who does not make those bits
anyway) and to set up on his own to supply the client he would be in breach of his fiduciary duty. If "caught" he could be ordered to pay
all of his profits from the new business to his old boss. The fact that his old boss did not make the bits required is beside the point.
By the way just saying in a contract that somebody owes fiduciary duties does not mean that they do.....sort of...a bit complicated....
Fiduciary duties arise in relationships of trust i.e. solicitor and client, executor of a will, a partnership etc
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coozer
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| posted on 10/6/09 at 09:29 PM |
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EH?? is this one of the things that the government have created just to give some peeps a jobs??
Hi there, what do you do?
"I am a fiduciary officer"
Oh,... err who do you work for?
"I work for the government"
OK, say no more....
1972 V8 Jago
1980 Z750
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mediabloke
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| posted on 10/6/09 at 10:01 PM |
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Comes from the term "bona fides", methinks.
So fiduciary relationship is one based on professional trust or responsibility in a particular capacity, IIRC.
Think we should get out more...?
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Peteff
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| posted on 10/6/09 at 10:09 PM |
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We had a dog called Fido......
yours, Pete
I went into the RSPCA office the other day. It was so small you could hardly swing a cat in there.
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MautoK
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| posted on 10/6/09 at 10:46 PM |
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Latin: fides = faith
bona fide = in good faith
Or as our colonial cousins have been known to write: 'bonified'
quote:
Originally posted by mediabloke
Comes from the term "bona fides", methinks.
He's whittling on a piece of wood. I got a feeling that when he stops whittling, something's gonna happen. (OUATITW/Cheyenne)
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andkilde
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| posted on 11/6/09 at 12:42 AM |
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A fiduciary is generally held to a higher standard of responsibility than a "common man", they are often professionals .
People who represent or supervise others are often said to be fiduciaries, examples would be lawyers, estate agents, accountants, to a certain
extent, teachers and social workers, occasionally, bosses and caregivers.
A fiduciary is expected to behave in the "best interest" of the person they are representing, supervising or caring for.
Cheers, Ted
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RK
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| posted on 11/6/09 at 01:35 AM |
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If you didn't have big titles like that, who would need solicitors and barristers? How could they charge what they do?
Big dictionaries must cost big money.
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