Fiduciary duties Flashcards
Bristol v Mothew Definition
A fiduciary is someone who has undertaken an act on behalf of another in a particular way which gives rise to relationship of trust and confidence.
English v Dedham vale 1978
Must act honestly and in best financial interest
Reading v AG 1951
Soldier posted abroad, didn’t act honestly or loyally
Murad v Al - Saraj 2005
Buying a hotel together BI of partnership
Cobbetts v Hodge 2009
Salaried partner of firm owed fiduciary duty
Bray V Ford
Lord Heardshaw > 2 overlapping duties of fiduciary
1) cannot profit from role
2) shouldn’t allow personal interest to conflict > duty of loyalty
Duty to act in good faith and not profit
Bristol v Mothew
(If just mistake but acted in good faith then fine)
Sinclair v Versailles Trade Finance
Not a closed list of duties
Keech v sandford
Trustee / Ben relationship > acted disloyally for lease
IDC v Cooley
Left job to gain profit, Had to pay profits back
O’sulivan v Music management agency
Charged abnormally large fee > breached fiduciary but did a good job so only had to pay some profit back
Guinness v Saunders
Taking money in Bad faith
Self dealing trust (buying property from trust)
Generally not allowed - Tito v Waddel
Wright v Morgan - even if 3rd party fixes it
