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A director owns a warehouse company. Without disclosing that ownership, the director persuades the corporation to lease space from the warehouse company at above-market rent.
Which fiduciary duty is most directly implicated?

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The duty of loyalty is implicated because the director stands on both sides of the transaction or receives a personal benefit not shared with the corporation. Only the duty of care can apply because directors do not owe loyalty duties to corporations. The duty of loyalty is satisfied automatically when the interested director votes for the transaction. The duty of loyalty disappears if the corporation later suffers no accounting loss.

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