Question

1. True/False The legal definition of a fiduciary is a person to whom another has placed...

1. True/False

The legal definition of a fiduciary is a person to whom another has placed the utmost trust and confidence to manage and protect property or money.

2. True/False

In a fiduciary relationship all actions are performed for the benefit of both parties.

3. True/False

Blood relation alone automatically brings about a fiduciary relationship.

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Answer #1

1.  True.

A fiduciary is a person, to whom another person has utmost trust and confidence to manage and protect property or money.

2.  False.

All of the fiduciary's actions are performed for the advantage of the beneficiary and not for both parties. This relationship means that one person has an obligation to act for another's benefit.

3. True.

Blood relation alone does not automatically bring about a fiduciary relationship. A fiduciary relationship does not necessarily arise between parents and children or brothers and sisters.

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