A fiduciary duty is an obligation to act in good faith, honesty, and in the best interests of another person or party. A fiduciary obligation typically arises in relationships of trust, such as a marital relationship or parties to a joint venture. In such relationships each of the parties owes a fiduciary duty to the other not to conceal or steal money or assets. In other types of relationships, the fiduciary duty is one-way. For example, an attorney owes a fiduciary duty to a client. A board of directors of a corporation owes a fiduciary duty to the shareholders. A trustee of a trust owes a fiduciary duty to the beneficiaries. A real estate agent owes a fiduciary duty to his/her client.
If a person or party who owes a fiduciary duty breaches that fiduciary obligation, he or she may have account for any money, property or other profit he/she obtained due to such breach.