Definition of Fiduciary relationship:
Special relationship of trust and confidence which, in the words justice Benjamin Nathan Cardozo (1870-1938; US Supreme court judge from 1932 to 1938) is something more than the ordinary honor of the marketplace ... the very punctilio of honesty and forthrightness. Fiduciary relationships exist between an agent and principal, testator and trustee, testator and executor, ward and guardian, customer and bank, client and attorney, patient and doctor, partner and partner, stockholders (shareholders) and directors, etc. In these relationships law demands a higher than ordinary degree of care and responsibility from the dominant or trusted party.
How to use Fiduciary relationship in a sentence?
- A fiduciary relationship exists between an attorney and a client such that funds held for the client by the attorney must be held in a trust account for client funds and not commingled with the general funds of the attorney and/or law firm.
- They had a fiduciary relationship and knew that they could count on each other, which was really good for us to see.
- You need to make sure you have a good fiduciary relationship with all of your customers so that they will keep coming back.
Meaning of Fiduciary relationship & Fiduciary relationship Definition