Equity and Trusts - Fiduciary Duties

Question 1

Fiduciaries have a duty not to put themselves in a position where their personal interests conflict with his duties.

Answer 1

Bray v Ford

Question 2

Give 6 status-based fiduciaries

Answer 2

Trustees 
Personal Representatives 
Directors (Duties to their company)
Partners (Duties to each other)
Agents (vis-a-vis their principal)
Senior employees with access to confidential info (Duties to employees)

Question 3

What two-stage test establishes whether someone is a fact-based fiduciary? (+ Authority)

Answer 3

LAC Minerals v International Corona

1- Has x undertaken to act for y?
2- Does y believe x will act exclusively in their interest/ joint interests?

Question 4

If a trustee makes a purchase of trust property for himself, there is a conflict of interests under the ‘self-dealing rule’ (Strict liability)

Answer 4

Ex p Lacey