Connecticut General Statutes 38a-465o – Life settlement broker deemed to represent only the owner. Fiduciary duty to owner
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Notwithstanding the manner in which the life settlement broker is compensated, a life settlement broker is deemed to represent only the owner and owes a fiduciary duty to the owner to act according to the owner’s instructions and in the best interest of the owner.
Terms Used In Connecticut General Statutes 38a-465o
- Fiduciary: A trustee, executor, or administrator.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.