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Article: The critical resource theory of fiduciary duty

Article from:
Vanderbilt Law Review
Article date:
October 1, 2002
Author:
Copyright

This Article proposes a new theory to unify the law of fiduciary duty. The prevailing view holds that fiduciary law is atomistic, arising for varied reasons in established categories of cases (such as trustee-beneficiary and director-shareholder) and ad hoc in relationships where one person trust s another and becomes vulnerable to harm as a result. By contrast, the critical resource theory of fiduciary duty holds that every relationship properly designated as "fiduciary" conforms to the following pattern: One party (the `fiduciary) acts on behalf of another party (the "beneficiary') while e xercising discretion with respect to a critical resource belonging to the beneficiary.

Relying on ...

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