43531
TRUSTEE POWERS AND DUTIES
- POWERS (discretionary)
- Maintanence
- Advancement
- Buy land
- Maintanence
- DUTIES (must be exercised)
- Fiduciary
- Good Faith
- No Profit
- OTHER UNAUTHORISED PROFITS
- Robinson v
Pett -
Administer
gratuitously
- Boardman v
Phipps - liable for
profits although
were honest
- Changes in the law
- Personal or Proprietary remedy?
- Lister v Stubbs - No proprietary basis therefore no
proprietary remedy
- Reid departed from Stubbs - held on constructive
trust for the crown. Templemen talks of 'good man
theory' ands how bribery is an evil practice
- Sinclair - reverts back to stubbs. Reid received critiscim. Proprietry remedy
is unncecessary as property was never owned by the principal in the firs
- European Ventures v Mankarious
- Neuberger's three categories (Sinclair) - no
proprietary remedy unless falls under
- 1. Asset or money is or has been the
property of the fiduciary principle
- 2. Trustee acquired money/asset by taking advantage
of an opportunity that was properly that of the B
- 3. Other
- 1. Asset or money is or has been the
property of the fiduciary principle
- Neuberger's three categories (Sinclair) - no
proprietary remedy unless falls under
- European Ventures v Mankarious
- Sinclair - reverts back to stubbs. Reid received critiscim. Proprietry remedy
is unncecessary as property was never owned by the principal in the firs
- Reid departed from Stubbs - held on constructive
trust for the crown. Templemen talks of 'good man
theory' ands how bribery is an evil practice
- Lister v Stubbs - No proprietary basis therefore no
proprietary remedy
- Personal or Proprietary remedy?
- Robinson v
Pett -
Administer
gratuitously
- SECRET BRIBES
- Huntingdon
Cooper - he will
be under a duty to
account in equity
- Reading v AG - bribe money but Fiduciary was still liable to account
- Huntingdon
Cooper - he will
be under a duty to
account in equity
- Self dealing
- Titto v Wadell -
transaction becomes
voidable
- Wright v Morgan/Kane v Radley Kane/Moore - strict rule applied
- Wright v Morgan/Kane v Radley Kane/Moore - strict rule applied
- Ex Parte James -
Beneficiaries informed consent
- Remedy? - let the transaction stand or avoid trasnaction
- Titto v Wadell -
transaction becomes
voidable
- OTHER UNAUTHORISED PROFITS
- No Conflict
- Bray v Ford - "Inflexible rule of equity" per Lord Herschell
- Keech v Sandford - Lord King - Too
high a risk that position could be
abused
- Bray v Ford - "Inflexible rule of equity" per Lord Herschell
- Not act for own benefit or 3rd party
- Good Faith
- Skill and Care
- Trustee Act 2000 S1
- s3 and 4
apply to
investment
- Trustee Act 2000 S1
- Instrument
- Fiduciary
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