Word of the Day : July 21, 2014

fiduciary

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adjective fuh-DOO-shee-air-ee

Definition

1 : involving a confidence or trust

2 : held or holding in trust for another

Did You Know?

Fiduciary relationships often concern money, but the word "fiduciary" does not, in and of itself, suggest financial matters. Rather, "fiduciary" applies to any situation in which one person justifiably places confidence and trust in someone else and seeks that person's help or advice in some matter. The attorney-client relationship is a fiduciary one, for example, because the client trusts the attorney to act in the best interest of the client at all times. "Fiduciary" can also be used as a noun for the person who acts in a fiduciary capacity, and "fiduciarily" or "fiducially" can be called upon if you are in need of an adverb. The words are all faithful to their origin: Latin "fidere," which means "to trust."


Examples

"While bank trust departments have a fiduciary duty to file claims on behalf of their clients, many are overworked and understaffed." - Business Wire, September 17, 2010

"The Eighth Circuit Court of Appeals decided a case in which it addressed a variety of fiduciary breaches alleged by employees participating in an employer’s 401(k) plans." - Peter K. Bradley, Anita Costello Greer, Michael J. Flanagan, Richard W. Kaiser, Arthur A. Marrapese III and Ryan M. Murphy, Lexology.com, May 30, 2014



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