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19 Cards in this Set
- Front
- Back
A person in a fiduciary position is not allowed to put himself in a position where his interest and duty conflict
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Bray v Ford (1896)
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A fact-based fiduciary duty exists where -
– X has undertaken to act for Y – Y reasonably believes that X will act exclusively in Y's or X and Y's joint interest |
LAC Minerals v International Corona (1989)
(Canadian) |
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First instance held that there was FR where C had trusted D to negotiate and instruct professionals for joint benefit in hotel business venture
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Murad v Al Saraj (2004)
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Land buyers obtained planning purporting to act for sellers: as “self-appointed agents” they had a FR to sellers and had to account for profit
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English v Dedham Vale Properties (1978)
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Self-dealing rule is applied strictly, and courts are unwilling to consider whether there has been an unfair advantage or the merits of the case
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Ex p Lacey (1802)
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Self-dealing rule stands on general principle, not allowed ever and requires transactions to be undone
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Ex p James (1803)
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Exceptional case where a T retired, played no part in arranging sale had their purchase from trust upheld
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Holder v Holder (1968)
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Case where an injunction restrained a trustee from running a business competing with a business carried on by the trust; competition was inevitable because business were so specialised
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Re Thompson (1930)
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A court can order fees for trustees if:
– Benefits Bs – Skills are needed – Fee is not excessive compared to other professionals |
Duke of Norfolk's Settlement (1981)
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A trustee makes a profit out of and by virtue of his trusteeship; he must account for his gain to the beneficiaries
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Williams v Barton (1927)
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A trustee became a director where even if all the trust votes had gone against him he would have succeeded; held that he could keep his salary
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Re Gee (1948)
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If a directorship is obtained by virtue of using trust property, you have to account
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Re Macadam (1946)
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If you were a director before a trustee, you can keep the salary
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Re Dover Coalfield Extension (1908)
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Held that a trust lease renewed in favour of the trustee had to be surrendered to the trust; courts will not enquire into the honesty of the transaction
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Keech v Sandford (1726)
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Partners holding contracts on trust for the partnership owed a fiduciary duty to each other. Keech v Sandford extended to cover renewal of partnership contracts after the dissolution of the partnership
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Don King v Warren and Others (2000)
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A trustee is accountable for profits made out of information or opportunities flowing from trusteeship; this is strictly applied; a court can award remuneration if honest transaction has benefited the trust as well
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Boardman v Phipps (1967)
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Cinema case where directors had to account for profit in shares they funded and then sold, which benefited their company and which their company could not otherwise have obtained; strict liability for directors
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Regal v Gulliver (1942)
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Case where director failed to get tender for company but encouraged to tender personally; forced to account to former company for his personal gain made
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Industrial Development v Cooley (1972)
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A proprietary claim can only be made where use of trust property or opportunity belonging to trust
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Sinclair v Versailles (2011)
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