Original language | English |
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Title of host publication | Encyclopedia of Law and Economics |
Editors | Alain Marciano, Giovanni Ramello |
Place of Publication | New York |
Publisher | Springer |
Pages | 1-8 |
Number of pages | 8 |
Edition | 1st |
ISBN (Print) | 9781461477549 |
Publication status | Published - 1 Oct 2017 |
Abstract / Description of output
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.
Keywords / Materials (for Non-textual outputs)
- fiduciary duties
- conflict of Interest