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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 (legal 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 on ... [...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 mortgage transaction relating to the purchase of a residential property. It was alleged that he negligently told the building society that there was no second charge on the house when the mortgage agreement was signed. At the time of reporting to the building society and requesting its funding, unbeknown to Mr Mothew, the borrower had a relatively small bank overdraft facility limited to £2,000. After completion of the purchase and mortgage (at which time the lender's funds were applied to the transaction) but before the transactions were registered at Land Registry Mr Mothew was approached by the borrower's bankers ( ... [...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. Relationships between clients and financial advisors can be characterized by principal-agent problems, as financial advisors may possess information and conflicts of interest that lead to dishonest advice and misconduct. Role Financial advisers typically provide financial products and services, depending on the qualification examinations they hold and the training they have. Financial advisers are registered, not licensed. For example, a licensed insurance agent may be qualified to sell both life insurance and variable annuities, because the insurance agent holds an insurance license and holds the Series 7 qualification examination. A broker (Series 7) may also be a financial planner. Any advisor can say ... [...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 ... [...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 ... [...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 leg ... [...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 Millett was born in Hampstead, London, on 23 June 1932, to Isaac Moses "Denis" Millett and Adele Yetta Weinberg, both Jews of Polish descent. The Millett family (also spelt Millet) emigrated from Dąbrowa Tarnowska and set up several businesses. His father was prominent in Liberal Party (UK), Liberal Party politics in Leicestershire, and with his cousin Michael founded Millets Stores in 1928 in Leicester. His mother was a junior tennis champion from Ormskirk, Lancashire. Millett was educated at Harrow School, London, and at Trinity Hall, Cambridge, where he received a Master of Arts (Oxbridge), Master of Arts in Classics and Law in 1954, graduating with a British undergraduate degree classification#Variations of First Class honours, Double First. From 1955 to 1957 he served as a Flying Officer in ... [...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 wikt:interest#Noun, 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 decision-making, make decisions for the benefit of a third party. An "interest" is a commitment, obligation, duty or goal associated with a specific 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 ("competing interests"). This is important because under these circumstances, the decision-making process can be disrupted or compromised, affecting the integrity or reliability of the outcomes. Typically, a conflict of interest arises when an individual occupies tw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity (law)
In the field of jurisprudence, equity is the particular body of law, developed in the English Court of Chancery, with the general purpose of providing legal remedies for cases wherein the common law is inflexible and cannot fairly resolve the disputed legal matter. Conceptually, equity was part of the historical origins of the system of common law of England, yet is a field of law separate from common law, because equity has its own unique rules and principles, and was administered by courts of equity. Equity exists in domestic law, both in civil law and in common law systems, as well as 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 (general) In jurisdictions following the English common law syste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tortious
A tort is a civil wrong, other than breach of contract, 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 ... [...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[ed] with 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] |
Judicature Acts
In the history of the courts of England and Wales, the Judicature Acts were a series of acts of the Parliament of the United Kingdom, beginning in the 1870s, which aimed to fuse the hitherto split system of courts of England and Wales. The first two acts were the Supreme Court of Judicature Act 1873 ( 36 & 37 Vict. c. 66) and the Supreme Court of Judicature Act 1875 ( 38 & 39 Vict. c. 77), with a further series of amending acts (12 in all by 1899). By the act of 1873 (ss. 3, 4), the Court of Chancery, the Court of King's Bench (known as the Queen's Bench when there is a female sovereign), the Court of Common Pleas, the Court of Exchequer, the High Court of Admiralty, the Court of Probate, and the Court of Divorce and Matrimonial Causes were consolidated into the Supreme Court of Judicature, subdivided into two courts: the "High Court of Justice" ("High Court"), with (broadly speaking) original jurisdiction, and the "Court of Appeal". Besides this restructuring, the o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
