This is how courts typically describe the fiduciary duty standard:
In the context of holding another's property:
A fiduciary, in handling another's property, must exercise the utmost good faith, disclose fully all facts relating to his interest in and his actions affecting the property involved in the fiduciary relationship, and deliver over to the party for whom he is acting all benefits derived from or inuring to the property.
In the context of business partners and members of an LLC:
The role of members in a member-managed LLC is analogous to that of partners in a general partnership, and partners are held accountable to each other and the partnership as fiduciaries. Partners owe each other fiduciary duties and are obligated to deal with each other with candor and the utmost good faith. A partner owes a fiduciary duty of loyalty and care to both the partnership and to other partners. A partner owes a duty of loyalty to avoid secret profits, self-dealing, and conflicts of interest. A partner must avoid self-dealing by refraining from dealing with the partnership on behalf of a party having an interest adverse to the partnership. And a partner must avoid conflicts of interest in refraining from competing with the partnership. A partner owes a duty of care to refrain from engaging in grossly negligent conduct, intentional misconduct, and knowing violations of law.
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