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.

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