Fiduciary Relationships Flashcards
1
Q
What is a Fiduciary Relationship/Duty?
A
Fiduciary relationships/duties - Some of the most important relationships that arise in regard to equity and trusts. This relationship will arise frequently and in varied situations.
The law recognizes that a person owes another person a care or duty in some way. Different from negligence care.
This requires a person to put the interest of another person way above their own so that there is no conflict of interest.
Trustees are personally liable and obliged at law to become aware and know of the trust you are a trustee to.
It’s a balance of power and reliance.
Key case: Keech v Sandford
