LSDefine

Simple English definitions for legal terms

fiduciary debt

Read a random definition: seti

A quick definition of fiduciary debt:

Term: FIDUCIARY DEBT

Definition: Fiduciary debt is a type of debt that comes from a special relationship between two people or entities. This relationship is based on trust, and one person or entity is responsible for taking care of the other person's money or property. If the person or entity in charge of the money or property does something wrong, they can be held responsible for the debt that is owed.

A more thorough explanation:

Fiduciary Debt

Fiduciary debt is a type of debt that arises from a fiduciary relationship, rather than from a purely contractual relationship.

A fiduciary relationship is one in which one party (the fiduciary) is entrusted with the care of another party's assets or interests. Fiduciary debt arises when the fiduciary incurs debt on behalf of the other party, such as when a trustee takes out a loan to manage a trust's assets.

A trustee takes out a loan to invest in a trust's assets.
An attorney incurs debt on behalf of a client to pay for legal fees.
A financial advisor borrows money to invest in a client's portfolio.

These examples illustrate how fiduciary debt arises from a relationship of trust and responsibility. The fiduciary is obligated to act in the best interests of the other party, and the debt incurred is for the benefit of the other party's assets or interests.

fiduciary contract | fiduciary heir

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

CheerfulSpikyVole

0:47

Hi guys quick question

CheerfulSpikyVole

0:51

Has anyone applied to Jacksonville ?

Jacobdoeshisbest

1:24

Hi

DirtyQuackYak

2:14

whats up yall i have noone to tell that I just got a 169 on a practice test and I am so proud of myself. that's all

Highfalutin

2:32

@DirtyQuackYak: Congrats but that's not good enough. 173 is the new 170 so do the math. Buckle up.

Highfalutin

2:34

@CheerfulSpikyVole: Nah, no one would apply to that school that hangs around here.

Highfalutin

2:35

@MrThickRopes: sounds like the next Dkk.

NightHawkBird

8:29

Bc wave today

Mostlylegal

8:43

@MrThickRopes: mr thick, wave of beers or booze last night

Mostlylegal

8:43

Or perhaps a tasteful pinot grig in your hot tub that was tastefully cleaned by your 75k a year janitor

babycakes

8:49

Was talking to a dude who works at an indie bookstore the other day he said he makes $30 an hour!!

babycakes

8:50

Way better than I’m doing

ClassyPleasantHeron

9:14

Did you tell him that he could 2.5x his wages by being a 75k/year janitor, and get more respect?

ClassyPleasantHeron

9:14

1.25x, but you know what I mean. Might as well inflate the numbers. :D

Mostlylegal

9:18

Hey man thats a respectable thing to do, dont be a classist for discounting inflation, its personally my favorite subreddit

Chitoba

9:37

GULC evening program y u no answer meeeee (2/16 app)

pinkandblue

10:07

@babycakes: maybe he can fly you out someday

pinkandblue

10:08

i need a bad bleep ADDISON RAE

[] c0bra1

10:10

i need an A

globalcitizen

10:14

Are we gonna do something about the mentally ill alcoholic veterans collecting 100% disability for fake ailments

TenFiftyILuvUGang

10:15

baby im a dog im a mutt

globalcitizen

10:15

Major drain on the American taxpayer

Mostlylegal

10:23

I need AA

Ineedabadbleep

10:38

are u allowed to work ur 1L?

[] c0bra1

10:42

depends on the school

[] c0bra1

10:42

most will either say no or say part time no more than x number of hours

pinkandblue

10:51

Howard is ranked number 13 for big law

pinkandblue

10:52

this is huge news

babycakes

11:01

i don’t think getting flown out is in the cards for me

[] c0bra1

11:03

im going crazy i think

LSD+ is ad-free, with DMs, discounts, case briefs & more.