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Fiduciary
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). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party, who, for example, has entrusted funds to the fiduciary for safekeeping or investment. Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries under applicable statutes and laws. In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests 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 the fiduciary to act at all times for the sole benefit and interest of the one who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bristol And West Building Society V Mothew
''Bristol and West Building Society v Mothew'' professional_negligence_case,_concerning_a_solicitor's_duty_of_care_and_skill,_and_the_nature_of_fiduciary_duties._The_case_is_globally_cited_for_its_definition_of_a_fiduciary_and_the_circumstances_in_which_a_fiduciary_relationship_arises. _Facts Mr_Mothew_was_a_solicitor_who_had_acted_for_both_borrower_and_lender_in_a_ 996EWCA_Civ_533is_a_leading_English_fiduciary_law_and_Professional_negligence_in_English_law">professional_negligence_case,_concerning_a_solicitor's_duty_of_care_and_skill,_and_the_nature_of_fiduciary_duties._The_case_is_globally_cited_for_its_definition_of_a_fiduciary_and_the_circumstances_in_which_a_fiduciary_relationship_arises. _Facts Mr_Mothew_was_a_solicitor_who_had_acted_for_both_borrower_and_lender_in_a_Mortgage_loan">mortgage_transaction_relating_to_the_purchase_of_a_residential_property._It_was_alleged_that_he_Negligence.html" ;"title="Mortgage_loan.html" "title="fiduciary law">996EWCA Civ 533is a leading Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Adviser
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice. In the United States, a financial adviser carries a Series 7 and Series 66 or Series 65 qualification examination. According to the U.S. Financial Industry Regulatory Authority (FINRA), qualification designations and compliance issues must be reported for public view. Details of formal compliance issues can be found on thInvestment Adviser Public Disclosure(IAPD) website and details of non-formal issues can be found oOnesta FINRA specifies the following groups who may use the term ''financial advisor:'' brokers, investment advisers, private bankers, accountants, lawyers, insurance agents and financial planners. Financial advisors need to be able to take the full picture of the client's financial situatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pilmer V Duke Group Ltd (in Liq)
''Pilmer v Duke Group Ltd''. is an Australian company law case concerning the adequacy of consideration paid for shares, as well as on the questions of duty of care and fiduciary duty owed by experts retained in such matters. Background Kia Ora Gold Corporation NL was incorporated in South Australia in September 1954 and was listed on the Australian Stock Exchange. It carried on business principally as a gold mining company in Western Australia. Western United Limited, originally formed in 1953, had an equal partnership with Kia Ora in the Marvel Loch mine, which was sold in 1987. After 1983, it changed its focus to concentrate on the provision of financial and mining services. Each company had a shareholding in the other, and both were under common control. In 1987, Kia Ora made a takeover bid to purchase all shares of Western United Ltd, in consideration for either: :* 4 fully paid ordinary shares of Kia Ora for every Western United share, or :* 5 fully paid ordinary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Meinhard V Salmon
''Meinhard v. Salmon'', 164 N.E. 545 (N.Y. 1928), is a widely cited case in which the New York Court of Appeals held that partners in a business owe fiduciary duties to one another where a business opportunity arises during the course of the partnership. The court holds that the fiduciary duty of communication was breached where a partner in a joint venture failed to inform his co-partner of a profitable opportunity that was offered by a third-party who was ignorant of the partnership. Furthermore, the duty of loyalty was breached where the partner appropriated to himself a benefit arising from his status as a partner without allowing his co-partner an opportunity to compete. This holding relates to the doctrine of corporate opportunity. Facts Meinhard claimed that his former business partner, Salmon, had violated a fiduciary duty by taking an opportunity to renew a lease in his own name without sharing the benefits. In 1902, Salmon bought a 20-year lease for the Hotel Bristo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keech V Sandford
is a foundational case, deriving from English trusts law, on the fiduciary duty of loyalty. It concerns the law of trusts and has affected much of the thinking on directors' duties in company law. It holds that a trustee owes a strict duty of loyalty so that there can never be a possibility of ''any'' conflict of interest. The case's importance derives partly from its historical context, with the South Sea Bubble. Lord King LC, who decided the case, replaced the former Lord Chancellor, Thomas Parker, 1st Earl of Macclesfield who was tried and found guilty in 1725 for accepting bribes and speculating with and losing client money in the South Sea crash. Lord Macclesfield had, probably not coincidentally previously held that a fiduciary was entitled to take money from a trust, invest it on their own behalf, and keep the profit, if they restored money to the trust. ''Keech'' reversed this, and the law in England and the UK has maintained a strict opposition to any possibility of a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peter Millett, Baron Millett
Peter Julian Millett, Baron Millett, , (23 June 1932 – 27 May 2021) was a British barrister and judge. He was a Lord of Appeal in Ordinary from 1998 to 2004. Biography Early life The son of Denis and Adele Millett, he was educated at Harrow School, London, and at Trinity Hall, Cambridge, where he received a Master of Arts in Classics and Law in 1954, graduating with a Double First. From 1955 to 1957 he served as a Flying Officer in the Royal Air Force. He was awarded an honorary fellowship by Queen Mary, University of London in 2012. Legal career Millett was called to the bar at Middle Temple in 1955. In 1959, he joined Lincoln's Inn, where he was appointed a bencher in 1980. From 1958 to 1986 he practised at the Chancery Bar and was examiner and lecturer in practical conveyancing at the Council of Legal Education from 1962 to 1976. Between 1967 and 1973, Millett was junior counsel at the Department of Trade and Industry in chancery matters, and between 1971 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principal (commercial Law)
In commercial law, a principal is a person, legal or natural, who authorizes an agent to act to create one or more legal relationships with a third party. This branch of law is called agency and relies on the common law proposition (from Latin: "he who acts through another, acts personally"). It is a parallel concept to vicarious liability (in which one person is held liable for the acts or omissions of another) in criminal law or torts. Concepts In a busy commercial world, the smooth flow of trade depends on the use of agents. This may be because in business entities such as: *sole traders, their ability to conduct business will always be limited unless other people are used to work on their behalf; *a partnership, the natural persons who are involved cannot be present to conduct business in multiple locations simultaneously, so they must rely on others to make agreements or deliver services on their behalf; or *a corporation is only a legal entity or fictitious legal per ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conflict Of Interest
A conflict of interest (COI) is a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another. Typically, this relates to situations in which the personal interest of an individual or organization might adversely affect a duty owed to make decisions for the benefit of a third party. An "interest" is a commitment, obligation, duty or goal associated with a particular social role or practice. By definition, a "conflict of interest" occurs if, within a particular decision-making context, an individual is subject to two coexisting interests that are in direct conflict with each other. Such a matter is of importance because under such circumstances the decision-making process can be disrupted or compromised in a manner that affects the integrity or the reliability of the outcomes. Typically, a conflict of interest arises when an individual finds themselves occupying two soc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standard Of Care
In tort law, the standard of care is the only degree of prudence and caution required of an individual who is under a duty of care. The requirements of the standard are closely dependent on circumstances. Whether the standard of care has been breached is determined by the trier of fact, and is usually phrased in terms of the reasonable person; this is sometimes labeled as the "reasonable physician standard." It was famously described in '' Vaughn v. Menlove'' (1837) as whether the individual "proceed dwith such reasonable caution as a prudent man would have exercised under such circumstances". Professional standard of care In certain industries and professions, the standard of care is determined by the standard that would be exercised by the reasonably prudent manufacturer of a product, or the reasonably prudent professional in that line of work. Such a test (known as the " Bolam Test") was used to determine whether a doctor was liable for medical malpractice before the 2015 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tortious
A tort is a civil wrong that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. Tort law can be contrasted with criminal law, which deals with criminal wrongs that are punishable by the state. While criminal law aims to punish individuals who commit crimes, tort law aims to compensate individuals who suffer harm as a result of the actions of others. Some wrongful acts, such as assault and battery, can result in both a civil lawsuit and a criminal prosecution in countries where the civil and criminal legal systems are separate. Tort law may also be contrasted with contract law, which provides civil remedies after breach of a duty that arises from a contract. Obligations in both tort and criminal law are more fundamental and are imposed regardless of whether the parties have a contract. While tort law in civil law jurisdictions largely derives from Roman law, common law jurisdictions derive their tort law from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity (law)
Equity is a particular body of law that was developed in the English Court of Chancery. Its general purpose is to provide a remedy for situations where the law is not flexible enough for the usual court system to deliver a fair resolution to a case. The concept of equity is deeply intertwined with its historical origins in the common law system used in England. However, equity is in some ways a separate system from common law: it has its own established rules and principles, and was historically administered by separate courts, called " courts of equity" or "courts of chancery". Equity exists in domestic law, both in civil law and in common law systems, and in international law. The tradition of equity begins in antiquity with the writings of Aristotle (''epieikeia'') and with Roman law (''aequitas''). Later, in civil law systems, equity was integrated in the legal rules, while in common law systems it became an independent body of law. Equity in common law jurisdictions (gener ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duty Of Care
In tort law, a duty of care is a legal obligation that is imposed on an individual, requiring adherence to a standard of reasonable care while performing any acts that could foreseeably harm others. It is the first element that must be established to proceed with an action in negligence. The claimant must be able to show a duty of care imposed by law that the defendant has breached. In turn, breaching a duty may subject an individual to liability. The duty of care may be imposed ''by operation of law'' between individuals who have no ''current'' direct relationship (familial or contractual or otherwise) but eventually become related in some manner, as defined by common law (meaning case law). Duty of care may be considered a formalisation of the social contract, the implicit responsibilities held by individuals towards others within society. It is not a requirement that a duty of care be defined by law, though it will often develop through the jurisprudence of common law. Dev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
