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Express Trust - Essay Example
Pages 4 (1004 words)
Answer: The fiduciary principle comes from the "term fiduciary itself is derived from the Latin fiduciarius, meaning 'faithful'." (Hudson 2008) It is a characteristic that covers certain relationships and it integrates into those relationships good faith, loyalty, confidence and legal obligation to uphold the purpose of that certain relationship.
This may also be associated with duty which by the ethical and moral norms of society you must perform. This is even characterized as a higher form of justice and so important to modern human relations that it has been transformed from a purely ethical concept with limited application to a moral norm of society. Every member of society is bound to uphold it and even becomes embodied in laws.
Express trusts are "built around concepts of loyalty and good faith" (Hudson 2008). In an express trust there exist a relationship where a person entrusts his or her property to another to keep, preserve and latter to give the same property to another person who is meant to benefit from that property. Moreover "The trustee is one example of a more general concept of English law: the fiduciary. Thus, it is often said that trustees bear 'fiduciary duties'. For our purposes the terms 'trustee' and 'fiduciary' can be read as being synonymous. The fiduciary principle in express trusts is the idea that such trusts have a nature that it is a matter of confidence, good faith, loyalty and legal obligation to the purpose of such trusts.
An example of this is when a grandfather entrusts a piece of land to his son which his son will give to the grandson on his 18th birthday. ...
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