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Usage: In exercise of his fiduciary privilege Mr. Smith decided to extend the tenure of Mr. Johnson beyond the contractual date.
De facto and/or de jure empowerment of one entity (person, trustee, etc.) to make decisions which are supposedly in the best interest of another entity (e.g., estate, trust fund, investment account, and so on).
Usage: To the extent that Bernard Madoff had discretionary accounts, he would have to have claimed to be a fiduciary - but was not.
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