Law of Fiduciary Obligation
In Canadian law, fiduciary obligation refers to a relationship in which one party (the fiduciary) is responsible for looking after the best interests of another party (the beneficiary). The courts have determined that a fiduciary obligation exists where the fiduciary can exercise some discretion or power, and they do so in a way that affects the interests of the beneficiary. In these relationships, the beneficiary is in a position of vulnerability at the hands of the fiduciary.