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Fiduciary Duty is a legal or ethical relationship of confidence or trust between two or more parties. A Fiduciary may prudently takes care of money for another person or persons who lack/s the knowledge to manage it. A Fiduciary Duty is the highest standard of care at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom he owes the duty (the "principal"). A Fiduciary must not put its personal interests before the duty, and must not profit from its position as a fiduciary, unless the principal/s consents. A common Fiduciary Relationship in Australia is where a vendor wishing to sell their property but not possessing the skill/knowledge to sell their property appoints a real estate agent to act in their best interests. The real estate agent should not allow itself to become 'conflicted' be attempting to sell the property at a price below market value to an associate in order to gain a benefit, but should always act in the best interests of its vendor under the Principal Agent Relationship. See: Ethical and fiduciary duties v's competition laws THE REGULATION OF TRUSTEE GOVERNANCE IN AUSTRALIA: TIME FOR A RETHINK? A Stolen generation - Finding A Fiduciary Duty What is the liability of an agent or principal in Australia? VICARIOUS LIABILITY IN THE AGENCY CONTEXT HOLDING THE GOVERNMENT TO ACCOUNT: THE ‘STOLEN WAGES’ ISSUE, FIDUCIARY DUTY AND TRUST LAW Fiduciary Relationships - Power Point presentation by Professor Cameron Stewart, Pro Dean at Sydney Law School, Sydney University |
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