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Successor Fiduciary Law and Legal Definition. Successor fiduciary is the next person or organization appointed when a vacancy arises in a conservatorship or guardianship. The vacancy may arise due to aguardianâs death, removal, or resignation. Legal Definition list
general rule, a successor fiduciary is not liable for the malfeasance of his predecessor, and has no particular duty seek an accounting of the predecessorâs actions. See Restatement 2d of Trusts Â§ 223(1), providing that a successor trustee is not liable to the beneficiary for a breach of trust committed by a predecessor trustee, emulated by the