Knowledge in Fiduciary Relations
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Description
This chapter focuses on the knowledge and information structure in the fiduciary context. The aim of this focus is to gain greater perspective on the distinctive features of fiduciary relationships and the laws that govern them. By emphasizing knowledge and information, the purview of fiduciary duty is expended beyond the overburdened, and often underspecified, duties of loyalty and care—bringing to light other key fiduciary obligations, including duties of candor, confidence, and disclosure as well as the requirement to inquire, to be informed, and the like. Distinct legal and economic taxonomies are presented to reveal how economics and law construes and constructs knowledge. These taxonomies are elaborated through a simple economic contracting framework and applications to cases and doctrine from agency and other fiduciary relations. The chapter concludes with a brief consideration of the “information fiduciary,” a somewhat novel application of fiduciary principles to persons possessing information of or about others outside of traditional fiduciary contexts.
Source Publication
Philosophical Foundations of Fiduciary Law
Source Editors/Authors
Andrew S. Gold, Paul B. Miller
Publication Date
2014
Recommended Citation
Brooks, Richard R. W., "Knowledge in Fiduciary Relations" (2014). Faculty Chapters. 251.
https://gretchen.law.nyu.edu/fac-chapt/251
