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Fiduciary Duty

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Fiduciary Duty

fɪˈdjuːʃəri ˈdjuːti ‎ / ‎ fi-DYOO-shee-air-ee DYOO-tee

A fiduciary duty is a legal obligation requiring one party to act in the best interests of another. Irish company directors, trustees, solicitors, and agents commonly owe fiduciary duties.

Origin

From Latin fiducia, meaning “trust” or “confidence.”

Definition

A fiduciary duty is a legal obligation requiring one person to act honestly, loyally, and in the best interests of another. In Irish law, fiduciary duties commonly arise between company directors and companies, trustees and beneficiaries, solicitors and clients, and agents and principals.

Breaching a fiduciary duty can result in personal liability, compensation claims, or court-ordered remedies.

Important: Definitions on Legals.ie are general information for educational purposes only and do not constitute legal advice. For specific situations, consult a qualified solicitor.