{"iri":"http://lmss.sali.org/R8M4n8ddbGziiJynG5reolX","id":"R8M4n8ddbGziiJynG5reolX","label":"Duty of Loyalty","definition":"Duty of loyalty is a legal obligation that requires fiduciaries to act in the best interests of their beneficiaries or principals, avoiding conflicts of interest and self-dealing. This duty ensures that fiduciaries prioritize the interests of those they serve above their own personal gain.","prefLabels":["Fiduciary Loyalty"],"altLabels":["Loyalty Obligation"],"examples":["Corporate Director’s Decisions: A corporate director must make decisions that prioritize the best interests of the company and its shareholders, avoiding personal gains at their expense.","Employee Protecting Employer’s Interests: An employee must act in the best interests of their employer, avoiding activities that would harm the employer or benefit a competitor.","Executor Administering Estate: An executor must act in the best interests of the beneficiaries when managing the deceased’s estate, avoiding any self-dealing or conflicts of interest.","Financial Advisor Providing Unbiased Advice: A financial advisor must offer investment advice that is solely in the client’s best interest, without being influenced by personal gain or third-party incentives.","Trustee Managing Trust Assets: A trustee must manage trust assets exclusively for the benefit of the beneficiaries, avoiding any conflicts of interest."],"notes":[],"sources":[],"branch":{"iri":"http://lmss.sali.org/RlNFgB3TQfMzV26V4V7u4E","label":"Objectives"},"parents":[{"iri":"http://lmss.sali.org/RDYMSvTzMQvR5oJWYzguyJW","id":"RDYMSvTzMQvR5oJWYzguyJW","label":"Fiduciary Duty"}],"children":[],"relations":[],"url":"https://lmss.io/tag/R8M4n8ddbGziiJynG5reolX/","source":{"repo":"sali-legal/LMSS","ref":"3f9ac0c9357b2a971582ae79ede243511d47811d","channel":"pre-release"}}