fiduciary trust [English]
- BT: trust
No definition in earlier IP projects. ITrust definition not yet developed.
- Killerby, 2005. (†467 p.1): “…trust in government is a form of fiduciary trust between society and government (i.e. a principal–agent relationship), which is inherently different from mutual trust between people.” (†675)
- Killerby, 2005. (†467 p.10): “…the value of fiduciary trust is unequal between the principal and agent. Such is the nature of community–government relations, particularly regarding the regulatory and enforcement functions of government.” (†676)
- Thomas, 1998 (†475 p.170): “Fiduciary trust emerges in principal-agent relationships when principals are unable to monitor or control the performance of their agents and are therefore vulnerable to both malfeasance and misfeasance. In such cases, the asymmetric relationship is supported by the unilateral obligation of the trustee to act in the other’s interest. The principal trusts the agent, but the agent need not trust the principal.” (†677)
- Wikipedia (†387 s.v. fiduciary trust): A relationship in which a trustee holds the title to assets for the beneficiary. The trust's creator is called the grantor. One usage of the term "fiduciary trust" is to distinguish the word "trust" from usage in general contexts where it does not imply a trustee-beneficiary relationship, and also sometimes to distinguish it from implied trusts (such as some constructive trusts and some resulting trusts) in which the trustee does not have express intent of a major fiduciary duty involving nontrivial discretion on the part of the trustee. (†1248)