fiduciary duty

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fiduciary duty (fi-d[y]oo-shee-er-ee). A duty of utmost good faith, trust, confidence, and candor owed by a fiduciary (such as a lawyer or corporate officer) to the beneficiary (such as a lawyer’s client or a shareholder); a duty to act with the highest degree of honesty and loyalty toward another person and in the best interests of the other person (such as the duty that one partner owes to another). See FIDUCIARY; fiduciary relationship under RELATIONSHIP. [Cases: Fraud 7.]