Duty in Different Jurisdictions
Different jurisdictions regard fiduciary duties in different lights. Canadian law, for example, has developed a more expansive view of fiduciary obligation than American law, while Australian law and British law have developed more conservative approaches than either the USA or Canada. The law expressed here follows the general body of elementary fiduciary law found in most common law jurisdictions; for in-depth analysis of particular jurisdictional idiosyncrasies please consult primary authorities within the relevant jurisdiction. This is especially true in the area of Labor and Employment law. In Canada a fiduciary has obligations to the employer even after the employment relationship is terminated, whereas in the U.S. the employment and fiduciary relationships terminate together.
In SEC v. Chenery Corporation 318 U.S. 80 (1943), Frankfurter J said,
| “ | To say that a man is a fiduciary only begins the analysis; it gives direction to further inquiry. To whom is he a fiduciary? What obligations does he owe as a fiduciary? In what respect has he failed to discharge these obligations? And what are the consequences of his deviation from his duty? | ” |
Read more about this topic: Fiduciary
Famous quotes containing the words duty in and/or duty:
“The way to transmute your iron duty into gold in everyone’s eyes is this: always deliver more than you promise.”
—Friedrich Nietzsche (1844–1900)
“It is not the first duty of the novelist to provide blueprints for insurrection, or uplifting tales of successful resistance for the benefit of the opposition. The naming of what is there is what is important.”
—Ian McEwan (b. 1938)