Corporate Fiduciary Law and Legal Definition
A Corporate fiduciary is an institution acting for the benefit of another. A corporate fiduciary is entrusted with the task of managing the financial assets of a given party. A corporate fiduciary is often granted the legal authority to make use of the assets in any manner that is anticipated to result in an advantage for the owner of the assets. Moreover, a corporate fiduciary is sometimes selected by a party for personal or business reasons.
Generally,fiduciaries are appointed by a court of law as a means of protecting the assets of an individual or corporation. Courts appointing the fiduciary lays down specific guidelines, requiring the fiduciary to report the status of the assets on a regular basis. Courts are empowered for the production of specific documents on an annual or semiannual basis, to ensure that the corporate fiduciary is acting within the perimeters of the legal authority granted.