The fiduciary relation which "involves a duty on the part of the fiduciary to act for the benefit of the other party to the relation as to matters within the scope of the relation" is of broad scope, including not only the more strictly defined relations such as those involving trustees, guardians, and executors, but also the more loosely knit relations such as found in the corporate field; i.e., directors and stockholders, promoters and subscribers to stock and the like. In contrast to the confidential relation, where to set aside a transaction between the parties there must be shown fraud, undue influence, or the confidence otherwise abused, a transaction within the fiduciary relation may be set aside as a matter of course, for the consequences flow as a matter of law.
Robert O. Hancox,
BANKS-FIDUCIARY DUTY-GUILTY PARTICIPATION IN A BREACH OF TRUST,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol45/iss1/4