The Law Dictionary for Everyone
When someone has a “fiduciary duty,” this means that he is responsible for acting in a way that benefits another person. An example of a fiduciary duty is a legal guardian taking care of a minor. The legal guardian’s fiduciary duty is to make the best decisions on the minor’s behalf, such as medical care and the school the minor […]
Read moreFollowing is the case brief for Meinhard v. Salmon, New York Court of Appeals, (1928) Case summary for Meinhard v. Salmon: Morton Meinhard and Walter Salmon entered into a business venture together, where Salmon would manage and Meinhard would initially fund the business throughout the duration of a 20 year lease made with Hotel Bristol. With a few months left […]
Read moreA Power of Attorney document allows an individual (the “principal”) to appoint someone to act as an agent on his behalf. The agent, called an “attorney-in-fact,” though the agent need not be an attorney, can take care of important matters for the individual, such as managing finances, selling property, paying bills, or authorizing medical care. A general Power of Attorney […]
Read moreWhen one person or entity agrees to act on behalf of another person or entity in matters of importance, such as legal, financial, and authority, he or she is considered a “fiduciary.” The client, trustor, or beneficiary, has the right to expect the fiduciary to put forth his best effort, using all of his expertise, skill, and care in acting […]
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