{"iri":"https://folio.openlegalstandard.org/R8M4n8ddbGziiJynG5reolX","label":"Duty of Loyalty","sub_class_of":["https://folio.openlegalstandard.org/RDYMSvTzMQvR5oJWYzguyJW"],"parent_class_of":[],"is_defined_by":null,"see_also":[],"comment":null,"deprecated":false,"preferred_label":"Fiduciary Loyalty","alternative_labels":["Loyalty Obligation"],"translations":{},"hidden_label":null,"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.","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":[],"history_note":null,"editorial_note":null,"in_scheme":null,"identifier":null,"description":null,"source":null,"country":null}