FIDUCIARY DUTIES: "I'll be seeing you - in all the old familiar places"

Source: The Legal Brief

In this classic song by Billie Holiday, she recounts those places where she will be seeing "you." Not in one place, but many. The same can be said for fiduciary duties. Indeed, they exist in many contexts and in multiple areas of the law.

First, what is fiduciary duty? It exists when one is under a duty to act or to give advice for the benefit of another person upon matters within the scope of the relationship. A fiduciary relationship exists betweeen two (or more) parties, signifying a relationship of trust whereby the parties are bound to exercise the utmost good faith and undivided loyalty towards each other throughout the relationship.

Fiduciary duties can arise from relationships that are explicitly defined by law or contract or inferred by circumstances of the relationship.

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