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Anne M. McKinney, P.C. 1019 Orchid Avenue Knoxville, Tennessee 37912 (865) 525-8700 www.ammtaxlaw.com FIDUCIARY DUTIES INTRODUCTION Black s Law Dictionary defines the term fiduciary as a person having duty, created by his undertaking, to act primarily for another s benefit in matters connected with such undertaking. Similarly, the Free Online Law Dictionary defines a fiduciary as a person who has the power and obligation to act for another under circumstances which requir.

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A fiduciary cannot use its position of trust to further private interests. In our experience, litigation often results from three common species of loyalty breaches: (1) self-dealing transactions, (2) usurpation of business opportunities, and (3) misappropriation of company funds for personal use.

Among the most pivotal are the duty to act in good faith, the duty to avoid conflicts of interest, and the duty not to profit from the fiduciary position without consent. These principles stem from the overarching expectation that fiduciaries must prioritise the interests of those they serve above their own.

Fiduciary duty describes the relationship between an attorney and a client or a guardian and a ward. Fiduciary duties include duty of care, loyalty, good faith, confidentiality, prudence, and disclosure. It's been successfully argued that an employee may have a fiduciary duty of loyalty to an employer.

Fiduciary duties are obligations of trust and confidence owed by a fiduciary to another person. The law usually recognises certain relationships, including those of director and company and employer and employee, to be fiduciary relationships.

Board Members have fiduciary, or legal, duties as established in corporate law. These are the duty of care, duty of loyalty, and the duty of obedience. The nature of these three duties can overlap.

A fiduciary duty is a legal obligation of one party to act in the best interest of another. The obligated party would be labelled a fiduciary, someone entrusted with the care of money or property. This is a duty of loyalty and good faith.

The primary responsibility of fiduciaries is to run the plan solely in the interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses. Fiduciaries must act prudently and must diversify the plan's investments in order to minimize the risk of large losses.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232