Glossary Archive

Federal Arbitration Act (FAA) The Federal Arbitration Act (FAA) is a United States federal law that provides for the legal enforcement of arbitration agreements and outlines the procedures for arbitration. Enacted in 1925, the FAA was designed to overcome judicial hostility toward arbitration and to ensure that arbitration agreements are upheld as valid contracts. The...

Fee Arbitration Fee arbitration is a process used to resolve disputes between clients and attorneys regarding the reasonableness of attorney fees. This alternative dispute resolution mechanism is typically conducted by an arbitration panel, which may consist of experienced lawyers and laypersons who assess the fee agreement and the services provided. The process generally begins when...

Fee Simple Absolute A Fee Simple Absolute is a type of property ownership that grants the owner full control and ownership rights over a piece of real estate. It is the highest form of ownership recognized in real estate law, allowing the owner to use, lease, sell, or bequeath the property without any limitations, except...

Fee Tail Interest A fee tail interest is a type of property ownership that restricts inheritance to a specific line of descendants, typically within a family lineage. This legal arrangement ensures that the property passed down through generations remains within a designated bloodline, preventing the owner from transferring the property to non-family members through sale...

A fiduciary is an individual or entity that has the legal and ethical obligation to act in the best interests of another party, known as the principal or beneficiary. This trust-based relationship is characterized by a duty of loyalty, care, and full disclosure. Fiduciaries are often entrusted with significant responsibilities and must place the interests...

A fiduciary allocation refers to the process by which a fiduciary, such as a trustee or an executor, distributes assets among beneficiaries in accordance with the terms of a trust or will, while adhering to their legal and ethical obligations. Fiduciaries have a duty to act in the best interests of the beneficiaries, managing the...

A fiduciary appointment refers to the designation of an individual or entity to act in a fiduciary capacity on behalf of another party, typically in matters involving trust, estate, or financial management. The fiduciary has a legal and ethical obligation to act in the best interests of the party they represent, maintaining a standard of...

Fiduciary Duty A fiduciary duty is a legal obligation of one party to act in the best interest of another party. This relationship is based on trust, confidence, and reliance, and it is commonly found in various contexts such as estate planning, business law, and financial services. In the context of estate planning, a fiduciary...

Fiduciary Duty A fiduciary duty is a legal obligation that one party has to act in the best interest of another party. This duty arises in relationships where trust, confidence, and reliance are inherent, often characterized by one party holding a position of power or influence over another. Common examples include relationships between trustees and...

Fiduciary Duty A fiduciary duty is a legal obligation of one party to act in the best interest of another. This relationship is built on trust and requires the fiduciary to put the interests of the other party above their own. The party who is owed this duty is referred to as the principal, while...