Generally, the relationship between a bank and a customer is that of a creditor and debtor if he or she borrows money from the bank, but under certain circumstances, a fiduciary duty may exist in a creditor/debtor relationship. A fiduciary relationship may exist between a bank and its customers, where a financial institution becomes involved in a transaction with a customer with whom it has established a relationship of trust and confidence. Additionally, a West Palm Beach business lawyer will advise a plaintiff that if it is a transaction from which the bank is likely to benefit at the customer's expense, the bank may be found to have assumed a fiduciary duty to disclose facts material to the transaction.

Further, a fiduciary relation may exist between a bank that is a state financial institution and a financial institution-affiliated party. For instance, a financial institution-affiliated party may not engage or participate, directly or indirectly, in any business or transaction conducted on behalf of or involving the state financial institution, subsidiary, or service corporation that would result in a conflict of the party's own personal interests with those of the state financial institution. Any financial institution-affiliated party who breaches its fiduciary duty is accountable to the state financial institution, subsidiary, or service corporation for any increment.

A cause of action for breach of a fiduciary duty may have many complex issues. Therefore, you should consult with an experienced West Palm Beach business lawyer. Call Sharmin & Sharmin P.A. at 1-800-74-TRIAL.