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date: 19 October 2020

(p. 925) Index

(p. 925) Index

A
Aaron, Benjamin 194n28, 195n35
ABA (American Bar Association) 267, 274
ʿAbbāsids 531
absence of punishment 466–67
abus de biens sociaux 598
abuse
Catholic Church sex abuse scandal 280–81
child 232, 792–94
acceptance, requirement of (surrogacy law) 254
account, duty to
bankruptcy and insolvency 222
fact-based fiduciary relationships 20
accountability
Delaware corporate fiduciary law 871
director breach of duty 873–74
elections and judicial review 875, 876
Unocal 885
English common law
doctrines of account 475–76
equitable conscience and 473–74
origins of legal account 476–77
socage guardianship and account 480–81
union of account and waste 481–83
of global powerholders 917
as social consequence of deciding for another 720–21
Accountants Act 482
accounting, duty of 720
accounting for profits 449, 452–54
accountings, informal (trust law) 54
Acharya, Viral V. 638n99
acoustic separation, in fiduciary law 873
Adam, Henry 684
ad hoc fiduciary relationships. See fact-based fiduciary relationships
administration (Roman law) 517, 519, 520
administrative law
fiduciary principles applied to the state 330–32
global and transnational 911, 916–18
national-level 915
public offices as public trusts 308–10
Administrative Procedure Act (APA) 309–10, 331, 340, 432
ADT Operations v. Chase Manhattan Bank 137–38
adult protective service statutes 243
adviser advertising 159
Advisers Act 861
advising
contracts for 159
financial 4, 5, 14
in Jewish law 564
of nonprofits/charities 108 See also investment advice; investment advisers
Afandī, al-Sayyid Muḥammad ʿAlāʾ al-Dīn 542n97
agency
classical Islamic law 526
after institutionalization of legal schools 541–43
during foundational period 533–36, 538
public officials 538
colonial powers 343
European civil law 584, 589–90, 595
future directions in 905–6
legal remedies in 460–61
and model of subsidiary fiduciary duties 423–24
and moral norms 784
of necessity 916n32 See also agency law; agent(s)
(p. 926) agency costs
corporate duty of loyalty 765–67
fiduciary relationships 893
and subsidiary duties 423–24
trust law 42, 44, 59
agency cost theory 423
agency-in-waiting 28–30
agency law 23–40
agent’s duties to principal 30–35
duties of loyalty 30–33
duties of performance 33–35
classical Jewish law 557–59
duty of care 408–9
elements and significance of agency relationships 23–30
defining scope of agency relationships 26–28
requisites for common-law agency 25–26
state of agency-in-waiting 28–30
employment law and 190–91
Indian law 625
investment advice state law 153–54
mandatory and default rules 35–37
duties of loyalty 37
duties of performance 36–37
no-conflict rules 388
psychology of 719–22
remedies 38–40, 450, 460–61
agency problem 423–24
agency relationships 23–30
defining scope of 26–28
requisites for common-law agency 25–26
state of agency-in-waiting 28–30
agent(s)
authority of 912
corporate duty of loyalty 765–66
diplomatic 360
economics of fiduciary law 667–73, 668, 676–84
employees as 187, 190
as fiduciaries 12
as legal term 9, 13
moral reasoning in principal-agent context 715–19
disclosure approaches to regulating conflicts of interest 717–19
self-serving biases 715–16
powers of attorney 381n31
public officers as 303
agreements
consignment, in agency relationships 27
employment, for CEOs 36
underwriting, with banks 132
Aier, Jagadison K. 726
AJLRA (All Japan Liquor Retailers Association) 661–63
Aktiengesetz (stock corporation act) 598
al-Bābartī, Muḥammad b. Muḥammad b. Maḥmūd 528
al-Baghdādī, Ghiyāth al-Dīn Muḥammad Ghānim b. Muḥammad 541n90
Alces, Kelli A. 454n34, 746n3
Alchian, Armen 671–72, 671n24, 672nn28, 30, 685
al-Dardīr, Aḥmad 540nn81, 84
Alderson, Baron 452
al-Dīn al-Nawawī, Muḥyī 528
al-Dīn al-Qarāfī, Shihāb 539
Alexander, Dan 914n27
Alexander, Greg 707n1
Alexander, Rick 779
al-Ḥaṭṭāb, Muḥammad b. Muḥammad 528n11
al-Hidāya 528
al-Jaṣṣāṣ, Abū Bakr Aḥmad b. ʿAlī al-Rāzī 530n24
al-Kharshī, Muḥammad 528n11
al-Khaṭī al-Shirbīnī, Shams al-Dīn Muḥammad b. Muḥammad 528n13
al-Lakhmī, Abū al-Ḥasan ʿAlī b. Muḥammad 534n44
allegiance, to conduct rules 668
allegiant loyalty 667–68, 670–75, 678, 685
Allen, William T. 62n7, 70nn55, 57, 626n11, 640nn104, 107, 873n10, 877–78
Allied Powers 351
All Japan Liquor Retailers Association (AJLRA) 661–63
al-Mawwāq, Muḥammad b. Yūsuf 528n11
al-Qarāfī, Shihāb al-Dīn Aḥmad b. Idrīs 536n61
al-Rāzī, Fakhr al-Dīn 533n43
al-Sarakhsī, Shams al-Dīn Muḥammad b. Aḥmad 543n105
(p. 927) al-Shāfiʿī, Muḥammad b. Idrīs 527, 528n12, 531, 534n47, 536–37, 539
al-Shaybānī, Muḥammad b. al-Ḥasan 527n7, 533, 535–36, 537nn64, 66
al-Ṭabarī, Muḥammad b. Jarīr 529n20
Altman, Nancy J. 169n13
altruism
fiduciary law and 806–8
social norm of 797
al-ʿArabī, Al-Qāḍī Abū Bakr b. 533n37
Amalgamated Bank v. Yahoo! Inc. 34–35
ambiguity, in fiduciary relationships 374
Ambler, Diane 861n42, 865n55
American Bar Association (ABA) 267, 274
American Law Institute 24, 104–5, 267
American Tissue, Inc. v. Donaldson, Lufkin, & Jenrette Securities Corp. 135, 136
Ames, James Barr 757n61
Anabtawi, Iman 831
analogical status- and fact-based reasoning
identification of fiduciary relationships 375–77
limitations of 377
Anand, Vikas 819n31
Anas, Mālik b. 527–28
ancient Greece, public offices in 304
ancient Rome, public offices in 304
Andel, Charles 734n54
Anderson, Alison Grey 684
Anderson, Gary 491n2
Andreoni, James 806n38
Anenson, T. Leigh 168nn10–11, 170n22, 761n83
Ang, Yuen Yuen 620n44, 622n45
Angeletos, George-Marios 713
Anghie, Anthony 346n20, 353n77, 362n157, 922n55
Anglo-Norman feudalism 476
Annan, Kofi 354n94, 358n127
anticorruption norm in fiduciary law 819–26
avoidance of temptation rationale 823–26
no-conflict and no-profit rules 820–23
Antoine v. Byers & Anderson 221
Anwar v. Fairfield Greenwich Ltd. 855–56
Apamanshop Network 656–57
apotropos 552–57
for adults 555–57
guardian of minors 552–55
apotropos as modern fiduciary 554–55
appointment and powers 552–53
obligations 553–54
standard of care and personal liability 554
Appelbaum, Paul S. 242n51
appointment of surrogacy 249, 252–53
Aprill, Ellen 108n26, 115n60, 119n87, 120n88, 124
Arabi, Oussama 530n25
Arai, Makoto 660n62
Araiza, William D. 330n67
Aristotle 751n29
Arleen Hughes v. SEC 857–58
Arlen, Jennifer 683
Armitage v. Nurse 56, 443
arms-length relationship 8
arms-length transaction 4
Aronson, Ori 843–44
Arsht, S. Samuel 877n25
artificial persons 919
Ascher, Mark 49n65, 50nn67, 69, 59nn138–40, 213n59, 442–43, 450n6, 451n12
Ashburner, Walter 460–61n81
Ashforth, Blake E. 819n31
asset managers, banks as 126
assets, growth of 145
Atiq, Emad H. 798n2
Atiyah, P. S. 689n10
Atkinson, Rob 117n76
attorney-client privilege 268, 270–71, 283
Augustus P. Loring 153
Aulin-Ahmavaara, A. Y. 751n30
Aurelius, Marcus 515
Austin, Robert 567n21, 570n43
Australian law
common law
duty of care and skill 569–71, 574–76
duty of loyalty 566–68
good faith 571
incidence of fiduciary duties 572, 573
nature of interests protected 574
remedies 577–80
fiduciary power 897
fiduciary relationships 378
remedies 450
(p. 928) authority
global administrative bodies 916–17
Hobbes’ theory of persons 919
legal 923
moral 922–23
to speak for future persons 920
autonomy 323
autonomy-based pluralism 839–44
commitment to 838
as contract’s ultimate value 836–37
enhancing 833, 835, 838
fiduciary types and 844, 845, 847–49
and pluralism 837–38
role of private law in 835
as self-determination 837
autonomy-based pluralism 839–44
avoidance of temptation rationale 823–26
avoid conflicts of interest, duty to (legal representation) 267
avoiding conflict, state’s duty of loyalty as 335–36
Avraham, Ronen 733n53, 736, 738n81
Ayliffe, John 472–73, 501n50
Aynes, Laurent 598n98
Ayres, Ian 680n79
B
Babcock, Linda 716
Bacon, Francis 472, 502
bad faith breach norm 789, 791–92
conflicts of interest 787
employees 791
familial relationships 787, 794, 795
necessary fiduciary norm and 792, 794
Bagchi, Aditi 13n75, 23n4, 64n13, 108n23, 372n12, 378n23, 431n61, 447n83, 754n47, 765n14, 784n9, 843n37, 849
Bagchi, Sutirtha 171n38
Baicker, Katherine 735–36
Baier, Annette 799n9
bailiffs, control of (English common law) 478, 482
Bailly, Rose Mary 247n85
bailment (classical Jewish law) 549–52
Bainbridge, Stephen 654n34, 663, 822nn47, 49, 823n51, 827n80, 831
Baker, J. H. 503n65, 751n31
Baker v. Goldman Sachs & Co. 136
Baldwin, L. M. 738n78
bank holding companies (BHC). See commercial banking
banking law 125–44
commercial banking 127–30
accepting deposits 130
making loans 127–29
disclosure requirements 855
investment banking 130–38
advising on merger and acquisition transactions 133–37
bank loans to mergers and acquisitions clients 137–38
fairness opinions on mergers and acquisitions 137
underwriting offerings of securities 130–33
mandatory and default rules 139–43
contractual disclaimers 139–41
fiduciary disclaimers vs. informed consent 141–42
information barriers 143
informed consent 141
release of fiduciary from liability 142–43
other functions giving rise to fiduciary duties 138–39
regulatory perimeters 852
remedies 143
bankruptcy and insolvency 205–25
bankruptcy law primer 206–8
fiduciary duties
debtor-in-possession 222–23
duty to account 222
duty to collect and preserve assets 222
duty to inform and respond 222
duty to keep records 222
miscellaneous duties in insolvency 222–23
remedies 219–23
defense: immunities and bars 220–22
non-litigation sanctions 219–20
offense: standard of care for breach 222–23
trustee duties 208–19
anti-fiduciary 210–11
duty of care 211–12
duty of loyalty 212–19
fiduciary 208–10
(p. 929) non-fiduciary 209See also bankruptcy law
Bankruptcy Code 205, 206, 208, 224
bankruptcy law 206–8
in European civil law 593
future directions in 905–6
mandatory/default rules in 440
remedies in 465
subsidiary duties in 430–31 See also bankruptcy and insolvency
banks, as fact-based fiduciaries 19
Barnes, Alison 241n43, 242n52, 243n56
Barnes v. Addy 489
Barr, Michael S. 139n112, 851n2, 852n3
Barrière, François 594n64
Barry, Ryan P. 179n101
Barton v. Barbour 220
Barzuza, Michal 727
Baskaran, Priya 843n33
Baum, Katy 78
Bear Stearns 134
Becarria, Cesare 674
Becker, Bo 726
Becker, Gary 674
Beckerman, John S. 200n64
Beess und Chrostin, Jessica 57n119
Begleiter, Martin D. 730–31
behavioral decision research 708–9
Belchier v. Parsons 488
Bellia, Jr., A. J. 802n22
Bellomo, Manlio 492n8
Belsheim, E. O. 475n19
Belsky, L. 292n26
ben David ibn Lev, Joseph 552n51
beneficial ownership rights, in trust law 42
beneficiaries
duty of loyalty modifications
multiple beneficiaries 397–99
vulnerability of beneficiary 400
economics of fiduciary law 668, 680–82, 688
employees as 198–203
ERISA fiduciary duties 199–202
ERISA pension plan requirements 198–99
mandatory or default status 202–3
remedies 202
in fiduciary relationships 9
mentally incompetent 255
trust law 41–44
authorization to trustee breach of duty by 58
disbursements to 46–47
fiduciary duties to 44–55
mandatory and default rules 55–58
of trusts in sixteenth century 471
Benito, Marco de 502n54
ben Joseph deTrani, Moses 552n51
Bennett, James A. 729n32
Bentham, Jeremy 669–70
ben Tzemaḥ Duran, Simeon 552n51
Benvenisti, Eyal 325n17, 355n103, 356nn107, 111, 357n124, 126, 358–59n134, 846n54
Bereford CJCP 480–81
Bergel, Jean-Louis 598n100
Bergstresser, Daniel 732n47
Berle, Adolf Augustus, Jr. 223n140, 376n19, 676, 875, 902n53
Berman, Mitchell N. 410n30
Berman, Paul Schiff 835n6
Bernstein v. Centaur Ins. Co. 31n46
Berryman, Jeff 20nn127, 132, 577n94
Bertalanffy, Karl Ludwig von 751n30
Best Interest Contract Exemption 150
best interests, standard of 787
Bhagwat, Ashutosh 317n77
Bhalotra, Sonia 634n69
Bhattacharyya, Krishna Kamal 623n2, 624n4, 629nn24–25, 631n42, 634nn71–72, 637n91
BHC (bank holding companies). See commercial banking
biases
with cover-ups 280
in empirical studies 741
epistemic 790
hindsight 721–22, 878
and hyperbolic discounting 714
psychology and fiduciary law 709–14
hindsight bias 721–22
intertemporal discounting 713–14
Prospect Theory 709–13
self-serving biases 715–16
Bible, Jewish law and 559–60
biblical injunctions, in English common law 492
(p. 930) Bicchieri, Christina 797n1
Bienenstock, Martin J. 214n61, 219n103
Bilder, Mary Sarah 305n12, 332n88, 341n153
Bines, Harvey E. 153n54
Birks, Peter 390, 472, 755n49, 806–7
Birla, Ritu 623n3, 628n22, 632n51, 640n104
Bishop, Carter G. 81n13, 119n87, 769n44
Bishop, W. 684
Bishop of Winchester v. Knight 472
Bjola, Corneliu 360nn142–44
Black, Bernard S. 201n75, 907n72
Black, Julia 851n1
blackmailers, corporate (Japanese law) 645
Blackstone, William 236n24, 439n20, 750n24
Blakemore, Thomas 646n13
Blasius Corp. v. Atlas Industries, Inc. 888
Blue Chip Emerald LLC v. Allied Partners, Inc. 142–43
Blumenthal, Jeremy A. 246n80
Boardman v. Phipps 694, 789
boards of directors 765n11
breach of fiduciary duties 764n4
business judgment rule 764n3
Delaware corporate fiduciary law 872–74
accountability 876
business judgment rule 877–78
election 876, 888, 889
freeze-out mergers 879–81
judicial review 876
managerial powers 875
mergers and acquisitions 882–87
voting manipulation 888–89
Duke energy 770
duty of loyalty 765, 773n66
good faith 765–71
liability insurance 764n6
for nonprofits 106
Wells Fargo fraud 774–76
Bobbitt, Philip 341n154
Bobinski, Mary Anne 291n18, 292
Bodie, Matthew 203, 372n12
Bogdan, Michael 145n1
Bogert, George Gleason 459n72, 500n47, 748n15
Bogert, George Taylor 459n72, 748n15
Bold, Frederick 491n2
Bolin, Kelsey 779
bonding mechanism, in family law 229, 233
bookkeeping, by investment advisers 158
Boxx, Karen E. 253n19
BPC (British Phosphate Commission) 353
Bracton, Henry de 479, 480n32
Brand, Paul 477n26, 480n34, 482n48
Bratton, William W. 133n61, 893n8
Braun, Alexandra 592nn52–53, 55, 593nn57, 59, 594n66
Bray, Samuel L. 19n121, 38n78, 59n141, 60, 143n151, 395n69, 424n25, 450n7, 452n15, 453nn21, 26, 454n33, 456n52, 464n102, 465n107, 466n111, 474n17, 576n89, 748n18, 759n73, 897n36
Bray, Zachary 342
Brazier, Lauren 760
breach of contract
agency 25, 35
contemporary common law systems 577
economics and 678–79
employment law 197
European civil law systems 595
moral norms 793, 794
remedies 689, 701
Roman law tradition 592
tort law 906
breach of faith (moral norms) 784, 792
bad faith breach norm 782, 787, 791–92
employee’s duty of loyalty 784
necessary fiduciary norm 789
breach of fiduciary duty
agency law 38
care 34n61
giving notice of 38
loyalty 31–33, 34n64, 36–39
misappropriated information 29
performance 33–36
self-dealing 31
banking law 143
information barriers 143
informed consent 141, 142
making loans 129
mandatory and default rules 139
mergers and acquisitions 134–38
underwriting securities 131–33
bankruptcy and insolvency
defense: immunities and bars 220–22
non-litigation sanctions 219–20
(p. 931) standard of care for breach 222–23
canon law 500
classical Islamic law 533, 542
classical Jewish law 547
agency and partnership law 558–59
apotropos 555, 557
civil law 551–52
public fiduciaries 561, 562
complete exclusion of underlying duty vs. 444
contemporary common law systems 569, 571–72, 575–80
context in 446
corporate governance 725, 727
corporate law 75
care 69, 70, 73
by directors 764–65, 768–72, 777
good faith 71
loyalty 71, 74
waivers 74
corruption 818, 821
Delaware corporate fiduciary law
business judgment rule 873, 877
freeze-out mergers 879
negligence 878n33
Revlon 887
Unocal 885
duty of care 392, 406–10, 412, 415–17
duty of loyalty 392, 394–95
economics of fiduciary law 668, 679–84
empirical analysis of fiduciary law 725, 727
employment law
employee duty of loyalty 189, 194, 197
under ERISA 201, 202
English common law 472, 476, 487, 489
equity 754, 759
European civil law and 595
fact-based fiduciary relationships
care 15
disclosure 17
loyalty 15
financial regulation 856–57, 859, 864, 869
to future generations 920
health care law 298
confidentiality 296, 298
liability and 292–95
suits for 289, 299–301
waivers 298–99
international law 348, 350, 353
investment advice 163
disclosure 160
exculpatory provisions 161
Investment Company Act 151
loyalty 154–57
Japanese law 651, 653, 654, 662, 663
legal representation 266, 270–77, 284–85
moral norms 784
bad faith breach norm 791–92
employee’s duty of loyalty 784–85, 789, 791
familial relationships 793
necessary fiduciary norm 789
pension law 181
breach insurance 181
co-fiduciary liability 171
disclosure 177–78
employer stock as DC investment 176
selection of investment options and service providers 175
when investment loses money 174
philosophy of fiduciary law 689, 694, 697, 700
pluralism 847
in private law 745–46
psychology of fiduciary law 717
public offices 306, 312, 318–20
Roman law
administration of property 518
conflict of interest 518
dowry 509
social roles 810
by the state 339–41
surrogate decision-making 260
trust law 44
forms of 58–59
loyalty 45
prudence 47, 51
trust 43, 50, 51, 54–56, 58, 59
unincorporated entity law
Delaware LLPs and LLCs 88, 94, 100–1
general partnerships 88, 91, 95, 98–99
limited liability companies 100
limited partnerships 99–100 See also remedies
(p. 932) breach of trust (moral norms) 784, 792
bad faith breach norm 782, 792
child abuse 793
employee’s duty of loyalty 784, 789
necessary fiduciary norm 789, 792
standard of best interests 787
Breen v. Williams 579
Breyer, Stephen 783
Brinig, Margaret F. 847n58, 848n61
British Medical Corps 826–27
British Phosphate Commission (BPC) 353
Brody, Evelyn 108n24, 122n98
broker-dealers 4, 852
duty of loyalty 14
fiduciary duties
codification of 866
content of 862–64
duties beyond regulatory requirements 866, 868
intensity of 861–62
scope of 860
Shingle Theory of 857
brokers
giving investing advice 164
securities 26
Brooks, Richard R. W. 6n22, 24n9, 383, 391n40, 395n61, 401n100, 424n26, 434, 453n28, 464, 464n93, 677n64, 678n67, 682, 682nn89, 93–94, 683n98, 893n9, 903n58
Brown, Jeffrey R. 731
Brown, Peter 492n7
Broyde, Michael J. 550n34
Brudney, Victor 893n8
Brule, Rachel 634n69
Brundage, James 493n10
Bruner, Christopher 396, 570n49
Bryan, Sarah P. 288n3
Bryans, Harry S. 38n84
Bubb, Ryan 184n150
Bublick, Ellen M. 409n23
Buchanan, James 327n35, 674, 675, 685
Buck, Isaac D. 291n21
Buckland, William W. 506n3, 507n4, 508n9, 509n11, 510n16
Buckles, Johnny Rex 105n12
Bullard, Mercer 868n72
Burdett v. Miller 6–7, 9
Burge, William 502n55
Bürgerliches Gesetzbuch (BGB) 590, 605, 611
Burke, Edmund 345, 671n18
Bush, George W. 279
business judgment rule
boards of directors 764n3
Delaware corporate fiduciary law 876–79
duty of care 407n12, 410–12
Japanese law 655–57
Butler, Henry N. 18n111, 761n85, 893n6
Butler, Paul 312n56
Buxcel v. First Fidelity Bank 128–29
Byrd, Robert C. 828
C
Cadnetix 134
Caffin-Moi, Marie 598n97
Cahill, Michael T. 291n20
Cahn, Andreas 597n91, 599nn110–12
Caillé, A. 807n48
Cain, Daylian 715n32, 717–18
Cain, Matthew D. 725, 725n14
Calabresi, Guido 674
Calabresi, Steven G. 331n75
California health care laws 295, 298–99
California Supreme Court 295
Callison, J. William 91n75, 99nn130–31, 134, 136, 139
Cambodia, ad hoc missions in 354–55
Cameco 195
Campbell, Amy T. 246n80
Campbell, Bradford B. 733n51
Campbell Rutherford B., Jr. 86n44
Canadian law
common law
duty of care and skill 570, 575
duty of loyalty 566, 568
incidence of fiduciary duties 573
nature of interests protected 573–74
remedies 577–80
fiduciary relationships 378
remedies 20
candor, duty of 268, 282–83
canon law 491–504
Corpus iuris canonici 493–94
enforcement of fiduciary principles 497–501
fiducia in canonical texts 494–97
(p. 933) possible canonical influence on English trust law 501–3
trust law and 491–92
Canterbury v. Spence 296, 413
Cantor, Clifford A. 291n20
Caperton v. A.T. Massey Coal Co. 310–11
Capital Gains 160
cardiac care 737
Cardozo, Benjamin 66, 84, 385, 555, 755, 810
care
duty of (see duty of care)
principle of, in public offices 314–15
reasonable, in surrogacy law 260
standard of (see standard of care) See also duty of care and skill
Catch-All Provision (ERISA) 182–84
categorical fiduciary relationships. See status-based fiduciary relationships
Catholic Church 280–81
CEA (Commodity Exchange Act) 151–52
Centro Empresarial Cempresa S.A. v. América Móvil, S.A.B. de C.V. 142
CEOs, employment agreements for 36
CFTC (Commodities Futures Trading Commission) 29n34, 151–52
Chalmers, John 732n48
Chamberlain, Joseph 346
Chambers, Reid Peyton 329n49
Chambers, Robert 455n46, 487n69
Chancery & Leadenhall 661
Chandra, Amitabh 738
Chang, Michael H. 828n86
Chao Xi 614n30
Charitable Corporation v. Sutton 488
charitable trusts 103, 104
duty of care 113, 115–16, 119
duty of loyalty 109, 111
federal tax law 112
fiduciary investment 731–32
financial transactions with trustees 111–12
negligence 115, 119
prudent distributions and 731–32
remedies 121
trustees 106, 112–15
charities and other nonprofits 103–24
charitable trusts 103, 104, 106, 109, 111–16, 119, 121
duty of care 113–16
federal tax law 116
legal form differences 115–16
management of funds for charitable purpose 114–15
substantive duty 113–14
duty of loyalty 109–13
federal tax law 112–13
legal form differences 111–12
substantive duty 109–10
fiduciary triggers 105–9
federal tax law 108–9
legal form differences 108
members 106–8
officers and governing body voting members 106
other individuals and organizations 108
mandatory and default rules 119–21
ability to modify 119–20
exculpation, indemnification, and insurance 120
former fiduciaries 120–21
nonprofit corporations 103, 104, 106, 112, 115–16
other legal obligations
confidentiality 118
disclosure and record keeping requirements 118
duty of obedience 117–18
good faith 118
remedies 121–23
ability of others to seek remedies 122–23
federal tax law 123
state attorneys general 121–22
subsidiary duties with charities 430
use of terms 103, 104
Charles Hughes & Co. v. SEC 857
Charles II, King 304
charter provisions, in corporate law 74
Chasins v. Smith 860
Cheffins, Brian 570n46
Chen, Benjamin 257n40, 375n18, 381n32, 382n35, 394n57, 397n81, 411, 441n29, 445n66, 532n34, 638n95, 640n103, 659n56, 692n15, 795n32, 831, 901nn46–48
(p. 934) Chen, Long 726
Chevron doctrine 331, 432
child abuse 232, 792–94
children
guardianship/conservatorship of 252
lawyers representing 272
legal relationships with (see family law)
philosophy of fiduciary law 691–92
in Roman law 507, 517–18
China Securities Regulatory Commission (CSRC) 608–14
Chinese law 603–22
advent of corporate fiduciary duties 605–12
academic track 605–7
judicial track 610–12
regulatory track 607–10
corporate law after 2006 612–19
partnership law after 2006 615–16, 619–20
understanding/application of corporate fiduciary duties by state institutions and private parties 616–19
chivalrous guardians, control of (English common law) 479
Chowdhuri, R. N. 347n27, 351n62, 353n77
Chung, Christine Sgarlata 133n59
churning 863
Cicero 324n3
Cigna Corp. v. Amara 184, 185
Citco group 855
City of Findlay v. Pertz 823, 830
City of Glasgow Bank 489
Civil Code
French private law 586–87, 589
Japanese law 606, 646–48, 658–60
civil law
European systems 583–602
commercial relationships 596–601
loyalty 586–90
trusts and trust-like devices 591–96
law and equity in 585
liability
in classical Jewish law 548–49
in French law 595
litigation of legal representation 284–85 See also private law
Clark, Rebekah Ryan 15n91
Clark, Robert 167n1, 229n7, 230n10, 317n82, 567n20, 568n23, 570n41, 892n5, 893n8
Clarke, Donald C. 610n18, 613n22, 622n45
Clarry, Daniel 282n56, 342, 383, 396n70, 397n80, 408n13, 437n7, 444n61, 446n74, 582, 752n39, 764n7, 777n94, 907n70
Clarry, Sarah 448
classical Islamic law systems 525–43
after institutionalization of legal schools 539–43
during foundational period (750–850ce) 531–39
fiduciary principles and public law 538–39
fiduciary relationships arising out of contractual acts 533–38
fiduciary relationships involving natural persons that arise as a matter of law 531–33
material sources of 527
Quranic basis of fiduciary principles in 528–31
classical Jewish law 545–64
apotropos 552–57
for adults 555–57
guardian of minors 552–55
bailees 549–52
civil law liability 548–49
defined 545
fiduciary duties in agency and partnership law 557–59
in Mishnah 546–48
public fiduciaries 559–62
clause
exculpation 56, 73
exoneration 56
hedge, in investment advising 161–62
strong-arm, in bankruptcy law 208
Clemens, Jeffrey 738n81
clergy
canon law 493, 494, 497, 501, 502
fiduciary duties 265–66, 501
obligation of 265
clerics 497
clinical researchers, as fiduciaries 291–92
Clinton, Bill 280
(p. 935) Coase, Ronald 669–71, 685
Cobbs v. Grant 296
Code of Conduct, for U.S. Judges 311–12
codification
of conduct requirements 868n72
of fiduciary duties 866
and mandatory/default rules 439
coercion, in law 798
Coffee, John C., Jr. 327n38, 333–34n103, 776n87
co-fiduciary liability, in pension law 171
Cohen, Amichai 547n9, 559n118, 562n138
Cohen, Mathilde 312n56
Cohen, Neil B. 300n65
Cohn, Naftali 561n132
Coing, Helmut 592nn51, 55
Coke, Sir Edward 501, 749n22
Coleman, C. H. 292n26
Coleman, Janet 492n7
collect and preserve assets, duty to 222
colonialism
agency of colonial powers 343
origins of international law in 344–46
combinations of remedies 462
commercial banking 127–30
accepting deposits 130
making loans 127–29
commercial relationships (European civil law systems) 596–601
corporate law 596–601
financial law 601
commingling, of trust properties 51
Commission on Restructuring of the Economic System (CRES) 608–9
Committee on Ethics, no-conflict rules and 306
commodities, in agency law 29
Commodities Futures Trading Commission (CFTC) 29n34, 151–52
Commodity Exchange Act (CEA) 151–52
Commodity Pool Operator (CPO) 151
Commodity Trading Advisor (CTA) 151–52
common law
classical Jewish law 551, 557–58
contemporary systems 565–82
care and skill 568–71, 574–76
differences among 574–81
good faith 571–72
incidence of fiduciary duties 572–73
loyalty 566–68
nature of interests protected 573–74
remedies 576–81
similarities among 566–74
contracts 586–87
duty of care 409–10
English 471–90
control of bailiffs, stewards, and officials 478
control of chivalrous guardians 479
doctrines of account 475–76
equitable conscience and common law accountability 473–74
equity: disabling profit-taking 483–87
equity: reversing losses 487–89
historical fiduciary terminology 471–73
origins of legal account 476–77
socage guardianship and account 480–81
union of account and waste 481–83
European civil law and 585
fiduciary remedies 464–65
framework of, in employment law 189–90
lack of, in Chinese law 622
medieval 452
necessaries doctrine, for spouses and intimate partners 236–37
as source of overlapping fiduciary duties 854–57
contracts with explicit invocation of fiduciary obligations 854–55
implicit fiduciary duties arising under contract 855–56
overlaps from law of agency 856–57
common-law agency, requisites for 25–26
common law trust, in European civil law systems 591
Commons, John 669–70, 674n45, 675, 685
communication, in legal representation 273–75
Communist Party organizations 617
Companies Act (1956) 626
Companies Act (2013) 625–26
comparative law. See contemporary common law systems
(p. 936) compensation
equitable (see equitable compensation)
family guardianships 242
of fiduciaries 841
forfeiture of, in breach of duty 39
of investment advisers 859
of officeholders 319
competence
duty of, in agency law 33, 34n64, 36
in legal representation 275–76
competition, in employment law 194–96
compliance, of investment adviser 158
Conac, Pierre-Henri 597n86, 598n92, 601n124
Conaglen, Matthew 42n6, 306n18, 313n63, 314n66, 342, 367n1, 392, 394n57, 395n69, 403, 409n22, 418, 420n4, 426n36, 434, 435n1, 447n87, 452n14, 454n38, 457nn54–55, 474n11, 566n8, 567n16, 568nn26, 29, 571n54, 573n67, 574n78, 576n89, 578n107, 579n113, 580n127, 583n1, 688nn2–3, 696n28, 748, 757n61, 758, 783n6, 786, 805, 894, 897n34
conceptual analysis, new frontiers in 896–98
Concordia discordantium canonum 493
conduct standards. See standards of conduct
confidence, as fiduciary relationship criterion 7–10
confidentiality
charities and other nonprofits 118
duty of, in legal representation 266–71, 276–77, 283
in employment law 188
in European civil law systems 599
fact-based fiduciary relationships 13–16
in health care law 296
legal representation 269–71, 276–77
conflicted transactions, in corporate law 67
conflict of interest
in Delaware law 872
disclosure approaches to regulating 717–19
in divorce law 237
duty of loyalty 387, 793–94
empirical analysis of 731
in family law 231
fiduciary accountability in 46
between fiduciary and nonprofits 110
and good faith 765
in health care law 300
with investment advisors 155
in Jewish law 556
legal representation 268–69
moral norms
bad faith breach norm 787
necessary fiduciary norm 782, 788–90, 792
pluralism and 845–46
public office and 306–7, 319
Roman law 518–20
in surrogacy law 257
conflicts of duty 387
Congressional Budget Office 737
Connecticut Supreme Court 289–90
conscientiousness
principle of, in public offices 316–17
state’s duty of loyalty as 337
consensus, in Islamic law 527
consent
in agency doctrine 37
in beneficiary authorization 58
to conflict of interests 269
informed, in health care laws 296–97, 300
overlapping fiduciary duties and 864–65
conservatorship
appointment of 251–52
surrogate decision-making 250–52
Conservatorship of Hanson 244–45
consignment agreements, in agency relationships 27
constitutional law 332–34
construal level theory 708–9
construction law 915
constructive trust
equity and fiduciary law 759–61
as fiduciary remedy 454–56
consumer protection law 915
contemporary common law systems 565–82
differences among 574–81
care and skill 574–76
remedies 576–81
(p. 937) similarities among 566–74
care and skill 568–71
good faith 571–72
incidence of fiduciary duties 572–73
loyalty 566–68
nature of interests protected 573–74
content of fiduciary duties 862–65
disclosure and consent 864–65
fiduciary duties that devolve into procedural requirements 865
rules of conduct 862–63
contractarianism 95, 97
contract law
classical Islamic law systems 533–38
equity 761–62
European civil law systems 586–88
fiduciary law and 689–95
investment advice state law 153–54
Roman 507–9
fiducia (contract with terms of conveyance) 508
mandatum (mandate) 508–9
social norms 802
altruism 806
fiduciary law and 806
loyalty as fidelity to commitments 805
trust and trustworthiness 802
theory of 910
contracts
advisory 159
autonomy in 836
and economics 670
employment (see Employment contracts)
enforcement of, in Indian law 640
fiduciary obligations in 326–27
fiduciary relationships vs. 703–4
future directions in 904
in health care law 297–98
incomplete, model of subsidiary fiduciary duties and 423–24
loyalty duties superseding 393
modifications and waivers modifying duty of loyalty 396–97
pluralism
freedom of contract 840
parents 847
plural legal categories 836–38
and social norms 806
and treaties 343
for unmarried partners 238
contractual disclaimers, in banking law 139–41
contractual instruments, in European civil law systems 594–96
contract view, in employment law
general view 193
tailored view 193, 196
control
contest for, in corporate law 71
monopoly, over fiduciary principles 369
Cook v. John Hancock Life Ins. Co. 34n61
Cooney, Leslie Larkin 192n22
Cooper, Jeffrey A. 50n70
Cooper v. Parsky 139
Cooter, Robert 6n22, 317n82, 395, 454n33, 463n92, 464n97, 466n112, 678–80, 892n5
co-parceners, in Indian law 631–32
Coquillette, Daniel 503, 504n68
Core, J. E. 732
corporate blackmailers, Japanese law and 645
Corporate Code, in Japanese law 646–47
corporate fiduciary duties, in Chinese law
advent of 605–12
corporate law after 2006 612–19
partnership law after 2006 615–16, 619–20
understanding/application of, by state institutions and private parties 616–19
corporate governance
empirical analysis of fiduciary law 724–28
duty of care 725–26
duty of loyalty 727–28
interplay between outside actors and 763
corporate law 61–78
bankruptcy law and 223
Chinese law after 2006 612–19
common law and 568–72, 580
corruption in 817
Delaware corporate fiduciary law 871–90
business judgment rule 876–79
freeze-out mergers 879–82
immaturity of 872–74
(p. 938) institutional setting and philosophical foundations of 874–76
mergers and acquisitions 882–87
voting manipulation and entrenchment 888–89
duties of disclosure in 72–73, 391–92
duty of care 69–70, 409, 412
duty of loyalty 66–69, 399–400, 425
duty to monitor 72
European civil law systems 596–601
fiduciary duties 61
debtor-in-possession 223–24
duty of care 69–70
duty of loyalty 66–69
duty to disclose 72–73
duty to monitor 72
good faith 71
shareholder voting rights 72
in takeover situations and contests for control 71–72
fiduciary triggers 64–66
future directions in 905–6
good faith 71, 447, 763–76
Delaware’s development of 764–71
good faith defined 768–69
monitoring and oversight 767–68
and publicness 764–65, 772–76
“red flags” and 769–71
Indian law 625–27
post-2013 fiduciary duties 626–27
pre-2013 fiduciary duties 626
Japanese law 645–57
business judgment rule 655–57
duty of care 652–55
duty of loyalty 649–52
puzzle of 647–49
structure 646–47
lawyers in 272
legal representation 279
mandatory and default rules 73–75
no-conflict rules 388
pluralism and 842
remedies 75–78
subsidiary duties 430
corporate opportunity
and good faith 765
of nonprofits 110
corporations
boards of directors (see boards of directors)
exculpation clause 764–65
officers (see officers, corporate)
private nature of 763–64 See also corporate law
Corpus iuris canonici 492–97
Corpus iuris civilis 492
corruption 813–31
anticorruption norm in fiduciary law 819–26
avoidance of temptation rationale 823–26
no-conflict and no-profit rules 820–23
general definition of 814–19
corruption generally as use of entrusted position for self-regarding gain 817–19
public corruption as use of public office for private gain 814–16
individual vs. institutional 321
legitimacy of important social institutions 826–30
minimizing 319
Corwin v. KKR Financial Holdings LLC 887
cosmopolitan law 911
Cotet, Anca M. 736n70
Cotterrell, R. B. M. 801n19
Couret, Alain 598n96
Court of Chancery 483, 500, 502
Court of King’s Bench 473
courts of the church, fiduciary power of 498
cover-ups, psychology of 279–80
Cowper, Chancellor 472
Cox, James D. 130n37
CPO (Commodity Pool Operator) 151
Craft, John C. 253n20
Craig, Paul 913n26
Craig, Robin Kundis 329n61
Credit Lyonnais v. Pathe Communications 726
creditor-debtor relationship
bankruptcy law 217–18
duty of disclosure 17
CRES (Commission on Restructuring of the Economic System) 608–9
criminal acts, legal representation and 278
Critical Resource Theory 379, 894
Crocq, Pierre 594n68
CSRC (China Securities Regulatory Commission) 608–14
CTA (Commodity Trading Advisor) 151–52
Cuba, fiduciary relationship with 345
Cultural Agency (Japan) 658
Cuno, Kenneth 525n1
cura 507
Currie, Janet 738
custody, shared 234
Cutler, David M. 737n72
Cutsolde, Roger 498
cy pres, doctrine of 117
Czech Republic, common law in 591
D
Dafny, Leemore S. 736, 736n68
Dagan, Hanoch 144, 383, 400n96, 401–2, 434, 564, 794nn28–29, 800n14, 808n52, 831, 834nn2, 4, 836nn7–8, 837n10, 838nn17–18, 839n23, 841n27, 842nn28, 31, 843n38, 844n41, 845n49, 846n53, 848n66, 849n67, 895, 898, 901n46, 905n67, 909n1
Dahlman, Ian 910n15
Daines, Robert M. 765–66n15
Daiwa Bank 654
Dale & Carrington Invt. (P) Ltd. & Anr. v. P.K. Prathapan & Ors 626
Dallon, Craig W. 289n10, 290n16
damages
in employment law 197–98
equitable compensation vs. 456–58
in private law 745–46
punitive 59, 579 See also equitable compensation
Dammann, Jens 765n8
Damodaran, Harish 623n3, 633n66
Danyal, Kahkashan Y. 628n22
Das Gupta, Chirashree 623n3, 629nn25, 28, 630n32, 631n39, 632n51, 633n66, 634n67
Dasgupta, Partha 799–800n11
Davidson, Audrey 491n2
Davis, Kenneth B., Jr. 22n136
Davis, Seth 18n116, 326nn25, 27, 327n39, 328nn41–42, 44, 47, 329n51, 332n85, 333n102, 334n105, 335n109, 336n117, 346n18, 362n157, 431n64, 831, 847n59, 848n61, 849, 922, 922n54
Dawson, James C. 154n63
Dayton, A. Kimberley 254n23
DB plans. See defined benefit plans
D.C. district court 194–95
Dean, John 272, 280
death, in Roman law 510
debtor-in-possession 222–23
decision-making
administrative 308
psychology and fiduciary law
construal level theory 708–9
heuristics and biases 709–14
moral reasoning in principal-agent context 715–19
social consequences of deciding for another 719–22
public fiduciary theory 915
surrogate 249–63 (see also guardianship)
duty of care 257–60
duty of loyalty 255–57
fiduciary triggers 250–55
remedies 260–63
reporting obligations 260
“decision rules,” duty of care and 410–11
decretals 493–95, 498
Decretum (Gratian) 493, 496, 497
de facto fiduciary 11
default rules 438
duty of care 408–9 See also mandatory and default rules
(p. 940) deference, state’s duty of care as 337–38
De fideiussoribus (X 3.22.1–5) 493
defined benefit (DB) plans 168, 170, 176, 180
defined contribution (DC) plans 168
disclosure 178
employer stock as investment 175–76
investment advice and fiduciary status in 170–71
Plan Recovery Provision 183
definitional status- and fact-based reasoning 375, 377–80, 383
Delaware
banking 137
corruption 822–23
Delaware Chancery Court 613, 721–22
Delaware General Corporation Law (DGCL) 881
Delaware law
bankruptcy 223
charities/nonprofits 107, 119
corporate fiduciary law 871–90
business judgment rule 876–79
change of control mergers 885–87
freeze-out mergers 879–82
immaturity of 872–74
institutional setting and philosophical foundations of 874–76
mergers and acquisitions 882–87
takeover defenses 882–85
voting manipulation and entrenchment 888–89
corporate law 64–65, 654, 827
duty of care 655
duty of loyalty 390, 396–97
fiduciary analysis 725–26
good faith 447, 776–77
development of 764–71
good faith defined 768–69
monitoring and oversight 767–68
“red flags” and 769–71
LPs and LLCs 81, 83–84, 92–94
duty of care 90
duty of disclosure 92
duty of loyalty 87–88
fiduciary triggers 83
good faith and fair dealing 94–95
mandatory and default rules 97–98
remedies 100–1
mandatory/default rules 438–39
Delaware Supreme Court 610, 613
and corporate law 61–62, 66, 69, 76
and duty of loyalty 390–91
on duty of loyalty 397
on fiduciary responsibility 872–74
on good faith 768–69
delegation, investment advice and 162–63
De Legibus (Bracton) 479
Del Guercio, Diane 729, 732
deliberation
principle of, in public offices 315–16
state’s duty of care as 338–39
deliberative engagement, duty of 918
deliberative exclusivity 791–92
deliberative priority 791–92
democracy, as frontier in public fiduciary law 918
DeMott, Deborah A. 3n1, 13n74, 14n78, 18n114, 24n8, 25n14, 27n21, 34n64, 64n13, 129n30, 143nn153–55, 144, 146n4, 154n57, 189n9, 192, 196, 197n43, 250n5, 273n35, 311n53, 370n8, 382n36, 383, 388n22, 393, 394n57, 397n79, 399n94, 402, 403, 407n9, 408n15, 417n49, 423n18, 424n20, 429n50, 434, 441n37, 442nn40–41, 447n80, 456n51, 461, 465n103, 534n45, 625n8, 680n79, 754n47, 761n85, 765n12, 766n17, 785n11, 849, 856n14, 892
Demoulin-Auzary, Florence 496n20
Demsetz, Harold 671–72, 685
Deng, Francis M. 915n30
Dent, George W., Jr. 867n67
Denza, Eileen 360n145, 361n150
deposits, commercial banking 130
derivative litigation
in corporate law 74–75
remedies for 77
Derrett, J. Duncan M. 492n6
detachment, social norms and 799, 800
altruism 807, 808
balance between trust and detachment 801–2
in commercial dealings 804
fiduciary law 800, 801
(p. 941) deterrence
in fiduciary obligations 424
and philosophy of fiduciary law 699–701
as remedy 463–64
deviation, doctrine of 117
Devine, Stephen 492n7
Devonshire, Peter 452nn15, 20, 453n25, 462n88
DeWilde, Kristen 722
DGCL (Delaware General Corporation Law) 881
Dharmapala, Dhammika 626n12
Diamond v. Oreamuno 825, 827, 830
Dietrich, Joachim 489n80
differences-in-differences approach, in empirical studies 742
“difficult” cases, of fiduciary relationships 372
Digest (Justinian) 518, 520, 522
Dion, N. 598n94
diplomats 344, 359–61
directed trust, mandatory core in 57
directors, as fiduciaries 11, 12. See also boards of directors
Dirusso, Alyssa A. 252n16
disclaimers
contracts 18
duty of care 413
disclosure
approaches to regulating conflicts of interest 717–19
banking law 129
charities and other nonprofits 118
common law 571
duty of (see duty of disclosure)
employment law 188
financial regulation
banks 855
beyond regulatory requirements 866–67
by broker-dealers 860, 861
conflicts addressed through 863
inaccurate disclosure 856–57
overlapping fiduciary duties and 864–65
withing detailed statutory structure 868
investment advice 160
investment advisors 154
legal representation 276–77
psychology of 718
subsidiary duties and 419, 433
discounting, hyperbolic 713
discretionary power
in European civil law systems 584
and moral norms 783
discretionary theory of fiduciary relationships 783
discretionary trust, duty of prudence in 47
disgorgement
duty of loyalty 394–95
equity and 759
private law 748–49
as term 454, 465 See also accounting for profits
disloyalty
economics of fiduciary law 667, 673, 679–80
and moral norms 789
disposition, freedom of 42
District of Columbia, charitable fund management in 114
Ditchfield, John 499
Ditchfield, Ralph 499
di Trani, Joseph 562n141
divergence, in corporate law
of standards of conduct 63, 70
of standards of review 63, 70
diversification, of portfolios 49–50
diversify, duty to 200
diversify, duty to (ERISA) 200
division of labor 833, 842, 843
divorced parents, regulation of 233–34
divorce law 237
Diwan, Pars 637nn92–93
Diwan, Peeyushi 637nn92–93
Dixit, Avinash 668n3, 674
Dobbs, Dan 409n23, 410nn26, 28, 454n36, 576n91, 577n94, 578nn101, 108, 579n115
doctors. See physicians/doctors
doctrine
of cy pres 117
of deviation 117
settlor, plan sponsors and 172
of substitute judgment 244
Dodd, E. Merrick, Jr. 376n19, 676n57
Dodd-Frank Wall Street Reform and Consumer Protection Act 148
Domesday Book of 1086 476
domestic investors, in People’s Republic of China 604–5, 611, 613, 614, 620
domestic law 911
Donald, David C. 597n91, 599nn110–12
Dondero, Bruno 598n96
Donelson, Dain C. 727
Dore, Isaak I. 347n26, 348nn33, 35, 349n39
Dorfman, Avihay 393n54, 397n80, 824n59, 905n67
dos 509
dowry, in Roman law 509
Dranove, David 738n81
Driscoll 305–6
Dubay, Lisa 737–38n78
due diligence, moral norms and 787
Due Process Clause 332, 338, 340–41
due regard, to beneficiary interest 52
Dugard, John 350n53
Duggan, Jennifer E. 274n37
Duke, George 502n59
Duke Energy Corporation 772–73
Dukeminier, Jesse 42nn5–6, 49n61, 60, 213n59, 215n74, 243n61, 308n34, 421n9, 427n39, 566n7, 567n13, 569n33, 625n7, 640n107, 711n16, 902n55
Dunedin, Lord 576n86
duty of accounting, in psychology of fiduciary law 720
duty of candor, for lawyers 268, 282–83
duty of care 405–18, 679, 680
agency law 33, 34n64, 36
bankruptcy and insolvency 211–12, 218, 222
charities and other nonprofits 113–16
federal tax law 116
legal form differences 115–16
management of funds for charitable purpose 114–15
substantive duty 113–14
Chinese law 606, 609, 611–13, 617–19
classical Islamic law 532
classical Jewish law and 546–49, 551, 554
corporate governance 725–26
corporate law 69–70
corporations
good faith and 763–66, 768–69, 776
space between duty of loyalty and 763
decision-making under 709
Delaware corporate fiduciary law
business judgment rule 877–79, 881
mergers and acquisitions 885–86
officers and directors 873
duty of loyalty and 392
English common law 474, 488
equity 753
European civil law systems 583, 584
commercial relationships 598, 600, 601
rooted in Roman law tradition 592
fact-based fiduciary relationships 13–15
family law 234
on financial fiduciaries vs. on corporate managers 842
financial regulation 862
future analysis of 897
health care law 295–97
Indian law equivalent 635–36
informed consent 412–14
injuries and liabilities 414–17
international law 344, 355
investment advice 156–57
Japanese law 652–55
legal representation 275–77
familiarity with client’s affairs 275–76
safeguarding confidentiality 276–77
loyalty obligations and 392, 393
mandatory and default rules 445–47
medical provider-patient relationships 734–37
moral norms 784, 787
in and outside of fiduciary relationships 406
pension law 172–79
economically targeted investments 176–77
employer stock as DC plan investment 175–76
intersection of fiduciary and disclosure obligations 177–78
selection of investment options and service providers 175
statutory duties 173–74
(p. 943) private fiduciary law 897, 898, 905
remedies 449
accounting for profits 452
equitable compensation 456
social norms 807
standards of conduct 408–10
the state 337–39
as deference 337–38
as deliberation 338–39
as process 338
subsidiary fiduciary duties 419–34
model of 422–29
testing explanatory power of the model 429–33
surrogate decision-making 257–60
underenforcement 410–12
unincorporated entity law 88–90
Delaware LPs and LLCs 90
general partnerships 88–89
limited liability companies 89–90
limited partnerships 89 See also duty of prudence
duty of care and skill, in contemporary common law systems
differences among 574–76
similarities among 568–71
duty of competence, in agency law 33, 34n64, 36
duty of confidentiality, in legal representation 266–71, 276–77, 283
duty of deliberative engagement 918
duty of diligence, in agency law 33, 34, 36
duty of disclosure 391–92
corporate law 72–73
fact-based fiduciary relationships 13–17
unincorporated entity law 90–92
Delaware LPs and LLCs 92
general partnerships 90–91
limited liability companies 91–92
limited partnerships 91
duty of fair dealing
Chinese law 611, 619
European civil law 584, 585
duty of good faith
Chinese law 609, 611, 613, 619
corporate law 763–76
Delaware’s development of 764–71
good faith defined 768–69
monitoring and oversight 767–68
and publicness 764–65
“red flags” and 769–71
duty of loyalty and 390–91
employment law 193, 194
equity 752, 762
European civil law 584–89, 599, 600
Indian law 625, 626
Japanese law 653, 655
mandatory and default rules 445, 447
moral norms 786–87, 793, 795
in parent-child relationships 793, 795
private fiduciary law 897
trust law 776–78
duty of impartiality
with multiple beneficiaries 398–99
trust law 52–53
duty of informed consent, in health care law 290
duty of loyalty 385–403
accounting for profits and 452
agency law
agent’s duties to principal 30–33
mandatory and default rules 37
altruism and 807–8
bankruptcy and insolvency 212–19
debtor-in-possession 218–19
external conflicts 212–13
internal conflicts 213–18
charities and other nonprofits 109–13
federal tax law 112–13
legal form differences 111–12
substantive duty 109–10
Chinese law 606, 608n9, 609, 611–13, 622
classical Islamic law 532, 535, 537
classical Jewish law and 546–48
contexts modifying 396–400
additional factors 399
contractual modifications and waivers 396–97
multiple beneficiaries 397–99
purpose of relationship 399–400
scope of relationship 399
vulnerability of beneficiary 400
corporate governance 727–28
corporate law 66–69
(p. 944) corporations 765–67, 769, 770n52, 773n66
Delaware corporate fiduciary law
defining 873
Revlon 877
diplomats 344, 359–61
duty of care and 405, 412–13, 415
employment law 187–99
employees as fiduciaries 187–89, 191–98
for employers 187
under ERISA 199, 201
English common law 471, 476
equity and fiduciary law 758–59
European civil law systems 583–90
commercial relationships 597–601
contractual instruments modeled on trust 595, 596
implied inchoate loyalty obligations in contract law 586–88
mandate as general fiduciary instrument and relationship to more specific legal instruments 588–90
rooted in Roman law tradition 592, 593
fact-based fiduciary relationships 13–15
family law 234
fiduciary investment 732–33
financial regulation 859, 862
health care law 292–95
identification of fiduciary relationships 374, 378n23
Indian law equivalent 635–36
international law 344, 355, 359–61
investment advice 154–56, 160
Japanese law 649–52
legal representation 268–75
communication 273–75
confidentiality 269–71
conflicts of interest 268–69
identifying and represent client 271–73
mandatory and default rules 441–45
moral norms
bad faith breach norm 791
employees 784–86, 789, 791
familial relationships 792–95
necessary fiduciary norm 789
moral reasoning 715, 716
pension law 172–79
economically targeted investments 176–77
employer stock as DC plan investment 175–76
intersection of fiduciary and disclosure obligations 177–78
selection of investment options and service providers 175
statutory duties 173–74
physician-client relationships 738–39
pluralism 835, 840, 841, 847
private fiduciary law 894–96, 898, 900
psychology of fiduciary law 715, 716
rationale for 825n68
relation to other duties 392–94
remedies 394–95, 449, 451, 452
similarities among contemporary common law systems 566–68
standards of conduct 387–94
duties of disclosure 391–92
duty of good faith 390–91
no-conflict rules 387–89
no-profit rule 389–90
relation to other duties 392–94
for the state 335–37
as avoiding conflicts 335–36
as conscientiousness 337
as equitable treatment 336
as rule of law 335
subsidiary fiduciary duties 419–34
model of 422–29
testing explanatory power of the model 429–33
surrogate decision-making 255–57
theory of loyalty 400–3
trust law 44–46
unincorporated entity law 84–88
Delaware LPs and LLCs 87–88
general partnerships 84–86
limited liability companies 86–87
limited partnerships 86
duty of noninjury 408, 414
duty of obedience
charities and other nonprofits 117–18
economics of fiduciary law 671
European civil law 584
(p. 945) duty of performance
agency law
agent’s duties to principal 33–35
mandatory and default rules 36–37
duty of prudence
English common law 474, 488
trust law 46–51, 160
administration 51
custodial function 51
distribution function 46–48
investment function 48–50
duty to account
bankruptcy and insolvency 222
fact-based fiduciary relationships 20
duty to act in principal’s best interests 787–88
duty to avoid conflicts of interest, in legal representation 267
duty to collect and preserve assets, in bankruptcy and insolvency 222
duty to diversify, in ERISA 200
duty to give information, in trust law 43
duty to inform and account, in trust law 53–54
duty to inform and respond, in bankruptcy and insolvency 222
duty to keep records, in bankruptcy and insolvency 222
duty to monitor, in corporate law 72
E
Easterbrook, Frank H. 6n22, 326n33, 385n3, 396n77, 400, 401n100, 424nn24, 26, 444n57, 587n21, 640n107, 676–78, 680, 684, 691n13, 746n3, 761n85, 765–66n15, 867n67, 877n31, 883n62, 893n6
eBay, Inc. 31n43
EBC I, Inc. v. Goldman Sachs 131–32, 141
economically targeted investments, in pension law 176–77
economic analysis of law
legal-economic aspects of loyalty 676–84
private fiduciary law 892–93, 895, 903, 905
economics of fiduciary law 667–85
lawyer-economists 892–93
legal-economic aspects of loyalty 667–84
economic analysis of law 676–84
institutional economic analysis 669–75
in sociolegal analysis 901, 902
theory of loyalty in economic models of exchange 667–68
allegiant loyalty 667–68, 670–73, 675, 678, 685
self-serving loyalty 667, 668, 670, 672, 673, 675, 678, 685
structural loyalty 667, 668, 670, 672–75, 677–79, 681, 685
Economic Theory of Teams (Marschak and Radner) 672
ECOSOC (U.N. Economic and Social Council) 350
Edelman, James 386n5, 401, 444n57, 446, 692n16, 855n10, 894n15
education law 915
educators, fiduciary duties of 265–66
Ehrlich, Isaac 421n9, 427nn38–39, 427n41, 428n48
Eichengrun, Joel 452n15, 454n31
Eisenberg, Melvin A. 63n11, 798n2, 806n39, 873n10
Ekelund, Robert 491n2
elderly people
elder law 915
family law and 240
Eldon, Lord 486
Ellerman, David 843n34
Ellesmere, Chancellor 751
Ely, John Hart 317n77, 333n102, 341n155
Elyot, Thomas 471–72
Emeritz, Nathan P. 139n113
Emoluments Clauses 306–8, 332, 431–32
empirical analysis of fiduciary law 723–43
corporate governance 724–28
duty of care 725–26
duty of loyalty 727–28
fiduciary investment 728–33
charitable trusts and prudent distributions 731–32
duty of loyalty and 732–33
Prudent Investor Rule 728–31
medical provider-patient relationships 733–39
duty of care 734–37
duty of loyalty in physician-client relationships 738–39
(p. 946) new frontiers in 902–4
primer on empirical work 740–43
Employee Retirement Income Security Act (ERISA) 5, 146, 149–50, 168–69, 729
adequacy of 185–86
advisory contracts 159
Catch-All Provision 183–84
complaints against 201
duty of care 156
duty of loyalty 154
employees as beneficiaries
ERISA fiduciary duties 199–202
ERISA pension plan requirements 198–99
employers as fiduciaries and 198–99
equity in 761
exculpation and 162
fiduciary duties 198–200, 203
within detailed statutory structure 868–69
of employees 199–202
overlapping 854, 859
scope of 860
health care laws in 291
plan recovery provision 182–83
public enforcement of 184–85
remedial scheme overview 181–82
remedies in 165
employees
as agents 187
as beneficiaries 198–203
ERISA fiduciary duties 199–202
ERISA pension plan requirements 198–99
mandatory or default status 202–3
remedies 202
as fiduciaries 187–98
default or mandatory status 195–97
designation as fiduciary 190–93
duty of loyalty 187–89, 191–98
remedies 197–98
moral norms
bad faith breach norm 791
breach of trust 792
duty of loyalty 784–86, 789
Employee Stock Ownership Plans (ESOPs) 176, 200–1, 868–69. See also defined contribution (DC) plans
employers
employees as agents of 187
employees’ fiduciary duties toward 187–98
as fiduciaries to employees 187, 198–99
fiduciary duties of 203–4
employer stock, as DC plan investment 175–76
employment agreements, for CEOs 36
employment contracts 187–90, 192–93, 196–97, 204
employment law 187–204
employees as beneficiaries 198–203
ERISA fiduciary duties 199–202
ERISA pension plan requirements 198–99
mandatory or default status 202–3
remedies 202
employees as fiduciaries 187–98
default or mandatory status 195–97
designation as fiduciary 190–93
duty of loyalty 187–89, 191–98
remedies 197–98
employer fiduciary duties 203–4
Endicott, Timothy 922
enforcement of fiduciary principles (canon law) 497–501
enforcement suits, by nonprofits 122
English law
common law 471–90
control of bailiffs, stewards, and officials 478
control of chivalrous guardians 479
doctrines of account 475–76
duty of care and skill 569–71, 574–76
duty of loyalty 566
equitable conscience and common law accountability 473–74
equity: disabling profit-taking 483–87
equity: reversing losses 487–89
fees and services, rents and taxes 476–77
good faith 571
historical fiduciary terminology 471–73
(p. 947) incidence of fiduciary duties 572, 573
origins of legal account 476–77
remedies 577–79
socage guardianship and account 480–81
union of account and waste 481–83
opportunism in 760–61
trust law, possible canonical influence on 501–3
Enriques, Luca 596n80, 597nn84–87
Enron 175, 272, 274, 275
Ensign, Rachel Louise 774n76
entire fairness test 388
entrusted position, used for self-regarding gain 817–19
epistemic bias, loyalty and 790
Epstein, Richard A. 676n58, 752n36
equitable compensation
common law 578
English common law
for breach of fiduciary duty 489
socage guardianship 480
fact-based fiduciary relationships 20
as fiduciary remedy 449, 456–58
to pension plans 182
equitable conscience, common law accountability and 473–74
equitable ownership rights, in trust law 42
equitable trust, in sixteenth century 472
equity/equitableness
English common law
disabling profit-taking 483–87
equitable conscience 473–74
reversing losses 487–89
European civil law 584–85, 587–88, 591
fiduciary law and 745–62
constructive trusts and remedies 759–61
contract 761–62
duty of loyalty 758–59
fiduciary metalaw 749–53
fiduciary relationships 753–58
fiduciary remedies 449, 450, 464–66
Roman law 513–14
state’s duty of loyalty as equitable treatment 336
trust law in 449, 458
Esenberg, Richard M. 310n45
Esptein, Yeḥiel M. 553n61
Ethics in Government Act (1978) 306
Ethics Reform Act (1989) 312
E.U. (European Union) 596–97, 601
European civil law systems 583–602
commercial relationships 596–601
corporate law 596–601
financial law 601
loyalty 586–90
implied inchoate loyalty obligations in contract law 586–88
mandate as general fiduciary instrument and relationship to more specific legal instruments 588–90
trusts and trust-like devices 591–96
contractual instruments loosely modeled on trust 594–96
legislative adoption of common law trust 591
partial functional equivalents rooted in Roman law tradition 592–94
European Union (E.U.) 596–97, 601
Exchequer system 477
excommunication 500
exculpation
for charities and other nonprofits 120
investment advice exculpatory provisions 161–62
exculpation clause
corporate law 73
trust law 56
exoneration clause 56
Ex parte Lacey 486
experiments, natural 741–42
express authorization of fiduciary relationship 382
F
Facciolo, Francis J. 162n106
fact-based fiduciaries 3–4
equity and 756
mandatory/default rules and 442
subsidiary fiduciary duties model 432–33
(p. 948) fact-based fiduciary relationships