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Simple English definitions for legal terms
pecuniary interest
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A quick definition of pecuniary interest:
A pecuniary interest is when someone has a financial interest in something. This means they could benefit financially from it. For example, if someone owns stock in a company, they have a pecuniary interest in that company's success. It's important to be aware of pecuniary interests, especially in situations where there could be a conflict of interest.
A more thorough explanation:
Definition: Pecuniary interest refers to a financial interest or advantage that a person has in a particular matter or decision. It can be a direct or indirect interest, and it can be positive or negative.
Example: A city council member who owns a construction company and stands to benefit financially from a proposed development project has a pecuniary interest in that project. This interest may influence their decision-making and could be seen as a conflict of interest.
Explanation: The example illustrates how a person's financial interest in a matter can create a conflict of interest. In this case, the council member's ownership of a construction company creates a potential financial gain from the development project, which could influence their decision-making. This conflict of interest could compromise the integrity of the decision-making process and undermine public trust in the council's actions.