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The Court of Chancery, which governed fiduciary relations in England prior to the Judicature Acts. A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons).
If the fiduciary has informed the beneficiaries that he is acting on his own behalf, and has received permission to do so, the property would not have been held on constructive trust. [41] The third issue is who does the fiduciary owe duties to. In Boardman the case was concerning a trust, and it was held that the duties were towards the ...
An account of profits (sometimes referred to as an accounting for profits or simply an accounting) is a type of equitable remedy most commonly used in cases of breach of fiduciary duty. [1] It is an action taken against a defendant to recover the profits taken as a result of the breach of duty, in order to prevent unjust enrichment .
A fiduciary could be anyone with expertise — such as a lawyer, trustee or financial advisor — who must advise a client on the best way to proceed or otherwise act on their behalf. What is a ...
Fiduciary and financial advisor are related terms, but they are not synonymous. Some fiduciaries are financial advisors, but the term also includes individuals who do not work in finance.
Portions of this article were drafted using an in-house natural language generation platform. The article was reviewed, fact-checked and edited by our editorial staff. A fiduciary is someone who ...
In law, commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with his own funds, making it difficult to determine which funds belong to the fiduciary and which belong to the client. This raises particular concerns where the funds are invested, and gains or losses from the investments must be allocated.
It is a common belief that dishonest or knowing assistance originates from Lord Selbourne's judgment in Barnes v Addy: [1] [S]trangers are not to be made constructive trustees merely because they act as the agents of trustees in transactions, … unless those agents received and become chargeable with some part of the trust property, or unless they assist with knowledge in a dishonest and ...