Nevada Claim for Breach of Fiduciary Duty
A fiduciary relationship is deemed to exist when one party is bound to act for the benefit of the otherA fiduciary relationship is deemed to exist when one party is bound to act for the benefit of the other party. Such a relationship imposes a duty of utmost good faith.
any relation existing between parties to a transaction
?wherein the vulnerability of one party to the other
?results in the empowerment of the stronger party by the weaker
?which empowerment has been solicited or accepted by the stronger party and
?prevents the weaker party from effectively protecting itself."
Fiduciary duties to partners
Under Nevada law, partners owe their other partners and the partnership the fiduciary duty of loyalty, which is limited to accounting to the partnership, holding partnership assets as trustee, as well as refraining from being an adverse party, acting on behalf of an adverse party, and competing with the partnership.
Payment for a lender's services does not amount to an exceptional circumstance between a borrower and a lender that gives rise to a special relationA fiduciary is a "person who is required to act for the benefit of another person on all matters within the scope of their relationship; one who owes to another the duties of good faith, trust, confidence, and candor. The Nevada Supreme Court has held that employees owe their employers a duty of loyalty and because it has permitted employers to sue former employees for breach of fiduciary duty.
employees have no duty to report other employees' plans to start competing enterprises. The Court stated: "since an employee does not breach his duty of loyalty by making preparations to compete, a fellow employee does not breach his duty of loyalty by failing to disclose his knowledge of this fact.Fiduciary and confidential relationships are not synonymous.
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