Attention Fiduciaries: Do You Know Your Duties
No matter who you are or what you do, the odds are you have been a part of a fiduciary relationship -- maybe even without knowing it. For instance, have you ever been a director or officer of a corporation, a partner of a partnership, or a shareholder of a closely-held corporation? Have you ever employed others or purchased insurance? The relationships formed by taking the foregoing actions are just a few of those recognized as "fiduciary relationships" under Minnesota law.