Friday, September 3, 2010

If Greensboro City Council Members and Guilford County Commissioners are Fiduciaries…?

The fiduciary duty is a legal relationship of confidence or trust between two or more parties. One party…acts in a fiduciary capacity to another, such as one whose funds are entrusted to it. In a fiduciary relation, one person justifiably reposes confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter.

In such a relation, good conscience requires one to act at all times for the sole benefit and interests of another, with loyalty to those interests.

A fiduciary…must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents.

A fiduciary cannot have a conflict of interest.

…A fiduciary must not profit from the fiduciary position.

This includes any benefits or profits which although unrelated to the fiduciary position, came about because of an opportunity that the fiduciary position afforded.

Secret commissions, or bribes also come under the no profit rule.

Conduct by a fiduciary may be deemed constructive fraud , when it is based on acts, omissions or concealments…that gives one an advantage.




Fec said...

No one will ever comment here again because nobody can beat Tony Wilkins comment last week. Damn, that was funny.

Anonymous said...

You did.

triadwatch said...

tony being tony. Did you see they renamed the VIP room to the terrace because of the name connotation what a joke.