A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence. A fiduciary is expected to be extremely loyal to the person to whom he owes the duty, who is often named as the “principal”. The fiduciary must not put his or her personal interests before the duty, and must not profit from his or her position as a fiduciary, unless the principal consents. The most common circumstance where a fiduciary duty will arise is between a trustee, whether real or juristic, and a beneficiary.
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