Definition
Fiduciary duties arise in legal relations where one party, the fiduciary, acquires decision-making authority over the interests of another party, the beneficiary. The fist party becomes bound by a set of duties aimed at ensuring that he exercises his discretion in the best interests of the beneficiary, to the exclusion of his own interests or the interests of third parties. Fiduciary duties are strictly enforced by the courts, in order to ensure a proper exercise of discretion by the fiduciary and to preserve the utility of fiduciary relations.
Fiduciary Relations
Fiduciary duties arise in fiduciary relations. Fiduciary relations exist in multiple forms in different legal areas, such as private law, commercial and corporate law, family law, and, in some cases, public law. The concept of fiduciary duties is sometimes regarded as a purely common law concept, historically intertwined with the institution of trust and with the equitable jurisdiction of the English Court of...
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Valsan, R. (2019). Fiduciary Duties. In: Marciano, A., Ramello, G.B. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7753-2_698
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