Trustees, corporate officers, wealth managers, and certain other individuals are fiduciaries. A fiduciary is under obligation not to usurp the beneficiary's or the principal's opportunities for personal gain or enter into transactions using the beneficiary's property where the trustee reap a personal gain.
In Texas these fiduciary principles are rigid and unforgiving for trustees, corporate officers and others who owe fiduciary duty to someone. Numerous types of relationships can, under certain circumstances, create fiduciary obligations in Texas.
Whenever a trustee derives a personal gain either in dealing with the principal's or beneficiary's or their property, or even when the beneficiary's interest is involved , Texas law demands a close, exacting, and excruciating examination of the dealings and transactions and substance over form will prevail. Fiduciary duty is not merely limited to the trustee's acts, but extends to ends of the trustee's thoughts and imagination. A fiduciary must exercise incorruptible business judgment for the sole benefit of the beneficiary.
If upon close examination, the trustee is found to breach its fiduciary duty by self-interest, self-dealing, malfeasance, or inattentive judgment; the burden is on the trustee, stock broker, corporate officer, corporate board member or others with fiduciary obligations to show that it has not breached its fiduciary duty.
When there is a claim of breach of fiduciary, the first question is whether any fiduciary obligations are owed to the aggrieved claimant.
contact the Breach of Fiduciary Lawyer at Coleman Jackson, PC at 214-599-0431.