Canadian Maple Leaf Licensing Info: FSCO (Ontario) #11363,
and serving all other provinces.
 

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Fiduciary Duty


Synonyms:agent, curator, custodian, depositary, executor, fiduciary charge, fiduciary commitment, fiduciary obligation, fiduciary role, fiduciary service, trustee
Filed Under: estate-management, financial-banking, legal-contracts
Tags: banking, contract, legal
 

Definition of fiduciary duty

fiduciary duty
1. A requirement that a person in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and honesty on behalf of a client.

Related Terms and Acronyms:

  • bankruptcy (BK)   A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • bankruptcy trustee   A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
  • business bankruptcy   A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
  • fiduciary duty   A requirement that someone in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and trust on behalf of a client.
  • mis-selling   The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
  • probate sale   Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
  • sprinkling provision   A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.
  • trust   A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.
  • trust company   A company that acts as a trustee (an entity that controls financial assets on the behalf of another).
  • will   A document that states what must be done with a person's estate after his or her death.

More Related Terms and Acronyms

Search the Glossary

Current Canadian Rates
For the best rate information in Canada, make use of our up to date interest rate comparison chart. Our brokers are not even remotely afraid of advertising our competitor's rates because we know how we stack up.
Best Current Rate Information
 
Mortgage Payments Calculator
A different down payment amount can make the difference between buying a house and buying your dream house. Our mortgage calculator can show you how a change in your down payment amount can affect how much you pay in interest, either saving you thousands or giving you the room to buy that house you've always wanted.
Mortgage Payments Calc
 
Mortgage Rates
Mortgage rates have been so low for so long that it might be hard to remember a time when they weren't low, but if you use our rate history page, you can look back and see how things have changed over the years.
Mortgage Rates