fiduciary
Defined in 9 dictionaries — Case Law, U.S. Code, Cyclopedic (1922), Ballentine's (1916), Bouvier (1914), Kinney (1893), Black's (1891), Stimson (1881), Burrill (1850)
Definitions from Case Law
From 308 U.S. 295 - Pepper v. Litton · 1939Most cited · 5,321 citing opinions
A director is a fiduciary. So is a dominant or controlling stockholder or group of stockholders. Their powers are powers in trust. Their dealings with the corporation are subjected to rigorous scrutiny and where any of their contracts or engagements with the corporation is challenged the burden is on the director or stockholder not only to prove the good faith of the transaction but also to show its inherent fairness from the viewpoint of the corporation and those interested therein.
United States Code
5 U.S.C. § 8477 — for the purposes of this section (2 versions over time)
the term “fiduciary” means—
(A) a member of the Board;
(B) the Executive Director;
(C) any person who has or exercises discretionary authority or discretionary control over the management or disposition of the assets of the Thrift Savings Fund; and
(D) any person who, with respect to the Thrift Savings Fund, is described in section 3(21)(A) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(21)(A)); and
26 U.S.C. § 4975 — for purposes of this section (14 versions over time)
For purposes of this section, the term “fiduciary” means any person who—
(A) exercises any discretionary authority or discretionary control respecting management of such plan or exercises any authority or control respecting management or disposition of its assets,
(B) renders investment advice for a fee or other compensation, direct or indirect, with respect to any moneys or other property of such plan, or has any authority or responsibility to do so, or
(C) has any discretionary authority or discretionary responsibility in the administration of such plan.
26 U.S.C. § 7701 — in this title
The term “fiduciary” means a guardian, trustee, executor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person.
38 U.S.C. § 5506 — for purposes of this chapter
For purposes of this chapter and chapter 61 of this title, the term “fiduciary” means—
(1) a person who is a guardian, curator, conservator, committee, or person legally vested with the responsibility or care of a claimant (or a claimant's estate) or of a beneficiary (or a beneficiary's estate); or
(2) any other person having been appointed in a representative capacity to receive money paid under any of the laws administered by the Secretary for the use and benefit of a minor, incompetent, or other beneficiary.
42 U.S.C. § 3002 — for the purposes of this chapter
The term “fiduciary”—
(A) means a person or entity with the legal responsibility—
(i) to make decisions on behalf of and for the benefit of another person; and
(ii) to act in good faith and with fairness; and
(B) includes a trustee, a guardian, a conservator, an executor, an agent under a financial power of attorney or health care power of attorney, or a representative payee.
42 U.S.C. § 9607 — as used in this chapter
The term “fiduciary”—
(i) means a person acting for the benefit of another party as a bona fide—
(I) trustee;
(II) executor;
(III) administrator;
(IV) custodian;
(V) guardian of estates or guardian ad litem;
(VI) receiver;
(VII) conservator;
(VIII) committee of estates of incapacitated persons;
(IX) personal representative;
(X) trustee (including a successor to a trustee) under an indenture agreement, trust agreement, lease, or similar financing agreement, for debt securities, certificates of interest or certificates of participation in debt securities, or other forms of indebtedness as to which the trustee is not, in the capacity of trustee, the lender; or
(XI) representative in any other capacity that the Administrator, after providing public notice, determines to be similar to the capacities described in subclauses (I) through (X); and
(ii) does not include—
(I) a person that is acting as a fiduciary with respect to a trust or other fiduciary estate that was organized for the primary purpose of, or is engaged in, actively carrying on a trade or business for profit, unless the trust or other fiduciary estate was created as part of, or to facilitate, 1 or more estate plans or because of the incapacity of a natural person; or
(II) a person that acquires ownership or control of a vessel or facility with the objective purpose of avoiding liability of the person or of any other person.
42 U.S.C. § 1397j — in this division
The term “fiduciary”—
(A) means a person or entity with the legal responsibility—
(i) to make decisions on behalf of and for the benefit of another person; and
(ii) to act in good faith and with fairness; and
(B) includes a trustee, a guardian, a conservator, an executor, an agent under a financial power of attorney or health care power of attorney, or a representative payee.
The Cyclopedic Law Dictionary
Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
This term is borrowed from the civil law. The Roman laws called a fiduciary heir the person who was instituted heir, and who was charged to deliver the succession to a person designated by the testament. Merlin, Repert. But Poth. ad Pand. vol. 22, says that fiduciarius haeres properly signifies the person to whom a testator has sold his inheritance under the condition that he should sell it to another. Fiduciary may be defined "in trust," "in confidence." A_ generic term embracing all persons acting in a fiduciary capacity.
Ballentine's Law Dictionary
James A. Ballentine · 1916
Bouvier's Law Dictionary and Concise Encyclopedia
John Bouvier; revised by Francis Rawle · 1914
This term Is borrowed from the civil law. The Roman laws called a fiduciary heir the person who was instituted heir, and who was charged to deliver the succession to a person designated by the testament. Merlin, Rupert. But Pothier, Pand. vol. 22, says that fidudarius hceres properly signifies the person to whom a testator has sold his Inheritance under the condition that he should sell it to another. BTduc Iary may be defined in trust, in confidence. The law forbids one standing In such a protect, without full disclosure; Bisph. Eq. f 238; 10 H. L. Gas. 26, 81. 46. What constitutes a fiduciary relation is often a subject of controversy. It has been held to apply to all persons who occupy a position of peculiar confidence towards others, such as a trustee, executor, or administrator, director of a corporation or society; Carpenter v. Danforth, 52 Barb. (N. Y.) 581; Appeal of Watts, 78 Pa. 392; agent; Barrow v. Rhinelander, 1 Johns. Ch. (N. Y.) 550; medical or religious adviser; In re Greenfield’s Estate, 24 Pa. 232; article in 10 Jur. N. S. 91; husband and wife; Appeal of Darlington, 86 Pa. 512, 27 Am. Rep. 726; or a son; 13 Ch. Div. 338. See L. R. 3 Eq. 461; Hill, Trustees 547. Many cases have arisen in New York under the laws allowing arrest for debts incurred in a fiduciary capacity. The term seems to refer rather to the good faith than the ability of the party; Stoll v. King, 8 How. Pr. (N. Y.) 298. See Burhans v. Casey, 4 Sandf. ( N. Y. ) 707; Holbrook v. Homer, 6 How. Pr. (N. Y.) 86; Turner v. Thompson, 2 Abb. Pr. (N. Y.) 444; Ostell v. Brough, 24 How. Pr. (N. Y.) 274; Warner v. Trausp. Co., 5 Rob. (N. Y.) 502. Under the bankrupt laws of 1841, and March 2, 1867, § 33, providing that debts contracted in a fiduciary capacity should not be barred by a discharge, the following cases fall within the act; an agent who appropriates money put into his hands for a specific purpose of investment; 1 Edm. 206; collector of city taxes who retains money officially collected; Morse v. City of Lowell, 7 Mete. (Mass.) 1.52; one who receives a note or other security for collection; White V. Platt, 5 Uenio (N. Y.) 269; commission merchant; Meador v. Sharpe, 54 Ga. 125; and it does not alter the rule that the debt has been reduced to judgment before the discharge; Wade v. Clark, 52 la. 158, 2 N. W. 1039, 35 Am. Rep. 202. This exception from the operation of a discharge in bankruptcy relates to technical trusts, not merely such as the law implies from the contract, but those actually, and expressly constituted; Mulock v. Byrnes, 129 N. Y. 23, 29 N. E. 244. In the following cases the debt has been held not a fiduciary one; a factor who retains the money of his principal; Chapman v. Forsyth, 2 How. (U. S.) 202, 208, 11 L. Ed. 236; Commercial Bank of Manchester v. Buckner, 2 La. Ann. 1023; Cronan v. Cottlng, 104 Mass. 245, 6 Am. Rep. 232; an agent under an agreement to account and pay over monthly; Grover & Baker Sewing Mach. Co. v. Clinton, 5 Biss. 324, Fed. Cas. No. 6,845; one with whom a general deposit of money Is made; Hervey v. Devereux, 72 N. C. 463; a debt created by a person acting as an attorney In fact; Woodward V. Towne, 127 Mass. 41, 34 Am. Rep. 337; Desobry v. Tete, 31 La. Ann. 809, 33 Am. Rep. 232; Treadwell v. Holloway, 46 Cal. 547. See, also, Com’rs of WUkes County v. Ml^s. 698, 34 Am. Rep. 483; Pierce r. Shlppee, 90 111. 371.
A Law Dictionary and Glossary
George C. Kinney · 1893
Relating to a trust; founded upon confidence; founded upon a special or technical trust, as distinguished from an iinplied trust: Fief,/r.
In feudal law. A f ea -v. Fee; Feudum. Fief d'liaubert: a fee held by the tenure of knight-service; a knight's fee.
A Dictionary of Law
Henry Campbell Black · 1891
The term is derived from the Roman law, and means (4s a noun) a person holding the character of a trustee, or a character analogous to that ofatrustee, in respect to the trust and confidence involved in it and the scrupulous good faith and eandor which it requires. Thus, a person isa fiduciary who is invested with rights and powers to be exercised for the benefit of another person. As an adjective it means of the nature of a trust; having the characteristics of a trust; analogous to a trust; relating to or founded upon a trust or confidence.
Glossary of Technical Terms, Phrases, and Maxims of the Common Law
Frederic Jesup Stimson · 1881
Relating to a trust; founded upon confidence.
A New Law Dictionary and Glossary
Alexander M. Burrill · 1850
[from Lat. fiducia, confidence.] Relating to, founded upon, or having the quality of a trust or confidence. Founded upon a special or technical trust, as distinguished from an implied trust.* Mc Lean, J., 2 Howard's S. 202, 208.