What is a fiduciary relationship?
Ontario, Canada
The following excerpt is from P. D. v. Allen, 2004 CanLII 4033 (ON SC):
To help recognize a fiduciary relationship, certain indicia are set out in Frame v. Smith, 1987 CanLII 74 (SCC), [1987] 2 S.C.R. 99 at 136, by Wilson J.: Relationships in which a fiduciary obligation have been imposed seem to possess three general characteristics: (1) The fiduciary has scope for the exercise of some discretion or power. (2) The fiduciary can unilaterally exercise that power or discretion so as to affect the beneficiary's legal or practical interests. (3) The beneficiary is peculiarly vulnerable to or at the mercy of the fiduciary holding the discretion or power.
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