Courts in New Mexico have commonly recognized the existence of fiduciary duties in the following relationships: Attorneys, employees, agents, escrow agents, insurance agents, holders of a power of attorney, corporate officers, joint venturers, executors and trustees, securities brokers, taxpayers, class representatives, mineral-rights holders, and condominium board members—just to name a few.
A fiduciary owes duties of loyalty and utmost good faith, the duty to refrain from self-dealing, a duty to act with fairness and honesty, and a duty of full disclosure. When these duties are breached, the victims of the breach often need to act swiftly to seek legal action to reverse course. A breach of fiduciary duty not only gives rise to a tort, it gives rise to special damages and remedies that are unique to fiduciary cases apart from common economic loss damages, such as disgorgement of ill-gotten gains or a constructive trust. In the case of misapplication of fiduciary property, many states, including Texas, recognize potential criminal exposure for these torts.