Agent Fiduciary Status

Abstract

The conventional logic is that agent status engages default fiduciary status. Historically that logic has been challenged irregularly by misinformed voices claiming that the presence of certain supposed exceptions means that it cannot be said that every agent initially is accountable as a fiduciary. Now, inexplicably, that notion of agency without fiduciary discipline appears to be gaining traction in some quarters. A proper analysis, however, exposes the vacuity of the claim. Neither principle nor authority justify the denial of default fiduciary status for agents. The opportunism risk that is latent in every agency, legally defined, manifestly requires fiduciary accountability.

Keywords: agent, fiduciary