Paul B. Miller

Dimensions of Fiduciary Loyalty

This essay discusses the concept of loyalty in fiduciary law. It contrasts fiduciary loyalty with moral conceptions of loyalty, and argues that the distinctiveness of fiduciary loyalty is best appreciated in light of characteristic features of fiduciary relationships. The essay establishes the distinctiveness of fiduciary loyalty by examining: (a) the objects of loyalty in fiduciary relationships; (b) the standards of loyalty that constrain the behavior of fiduciaries in fiduciary relationships; and (c) the functions served by the fiduciary duty of loyalty.