A fiduciary duty is a legal obligation to act in the best interest of another.
A fiduciary duty is a legal obligation to act in the best interest of another. A fiduciary owes a duty to its beneficiary. The beneficiary’s assets are in custody or control of the fiduciary, and the fiduciary has a corresponding legal duty to act in the beneficiary’s best interest. Without this legal obligation, a conflict of interest could arise.
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