Fiduciary relationships are most often found when individuals are entrusted with carrying out a particular act for another, such as a trustee handling assets on behalf of a trust beneficiary. If the board is voting to elect a new chief executive officer (CEO), for example, the decision should not be made based solely on the boards knowledge or opinion of one possible candidate; it is the boards responsibility to investigate all viable applicants to ensure that the best person for the job is chosen. An individual named as a trust or estate trustee is the fiduciary, and the beneficiary is the principal. It is the debtors duty to repay the loan. A promissory note is in force for three years. Also N. America. The creditor can enforce legal action against the debtor within three years from the date of execution of a promissory note before the court of law. At FindLaw.com, we pride ourselves on being the number one source of free legal information and resources on the web. A similar fiduciary duty can be held by corporate directors, as they can be considered trustees for stockholders if on the board of a corporation, or trustees of depositors if they serve as the director of a bank. Learn more about state-specific laws on ourpremises liability legal answerspage. They still have an obligation to prudently select and monitor the activities of the expert. @Nicole: I don't need this word for any specific purpose right now. In addition to jewelry, other valuable items that must be secured include cash, credit cards and legal documents. A landowner's duty to warn is different with respect to children who aren't authorized to be on the property. Home / NCLEX-RN Exam / Legal Rights and Responsibilities: NCLEX-RN. Property owners (or non-owner residents) have a responsibility to maintain a relatively safe environment so that people who come onto the property don't suffer an injury. Definition A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances.
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