Fiduciary Duties Flashcards
“A fiduciary duty occurs when one person has a duty not to put himself in a position where his persoanl interests and duties conflict.”
Which case?
Bray v Ford
What is the definition of a fiduciary duty? Which case?
“A fiduciary duty occurs when one person has a duty not to put himself in a position where his persoanl interests and duties conflict.”
Bray v Ford
Name three status based trustees
- Agents (vis-a-vis their principals)
- Partners
- Directors
- Senior employees with access to confidential information
What is the test for a fact based trustee? Which case?
A duty exists where X has undertaken to act for Y’s best interests.
LAC Minerals
Trustees may not purchase from the trust. Which case?
Ex P Lacey
Trustees may purchase from the trust if the “fair dealing” rule is made out. Which case?
Ex P Lacey
Trustees must not set up in competition with the trust, which case?
Re Thomson
Trustees may not be remunerated unless authorised. Which case?
Duke of Norfolk’s Settlement Trust
Which section of which Act deals with remuneration for trustees?
Section 28 Duke of Norfolk’s Settlements
No remuneration from a third party is allowed by virtue of being a trustee. Which case?
Williams v Barton
Trustees may not renew a trust lease for themselves. Which case?
Keech v Sandford
Trustees may not use information gained by their position. Which case?
Boardman v Phipps
Strict liability (from Boardman v Phipps etc) applies to company directors. Which case?
Regal Hastings v Gulliver
