Topic 7 slides - Fiduciary Obligations(6).pptx - Equity Trusts 70517 Lecture 7 Topic 7 Fiduciary Obligations Topic 7 Fiduciary Obligations Equity Trusts

Topic 7 slides - Fiduciary Obligations(6).pptx - Equity...

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Equity & Trusts 70517Lecture 7 – Topic 7Fiduciary Obligations
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Equity & Trusts 70517Topic 1 - History and Nature of Equity Topic 2 - Unconscionable Dealing and Undue InfluenceTopic 3 - Equitable EstoppelTopic 4 - Equitable Estates and Interests Topic 5 - Equitable Assignment of Legal PropertyTopic 6 - Equitable Assignment of Equitable PropertyTopic 7 - Fiduciary ObligationsTopic 8 - Accessorial Liability for Breach of Fiduciary Duty or TrustTopic 9 - Tracing and Account of ProfitsTopic 10 - Equitable CompensationTopic 11 - Constructive TrustsTopic 12 - Resulting TrustsTopic 13 - Express TrustsTopic 14 - Duties, Powers, Rights and Liabilities of Trustees; Rights of BeneficiariesTopic 7 – Fiduciary Obligations
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Equity & Trusts 70517A IntroductionBThe Nature of Fiduciary ObligationsCProscriptive Duties – No conflict, No profitDPresumed Relationships that carry Fiduciary DutiesEFiduciary Relationships outside of the Presumed RelationshipsFDefences GRemediesTopic 7 – Fiduciary Obligations
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Equity & Trusts 70517A IntroductionFiduciary obligations are obligations of trust and confidence imposed by equity upon a person, known as the “fiduciary”, who has undertaken to act for, or on behalf of, another person, the “principal”, in a particular matter. Fiduciary obligations are obligations of trust and confidence and their effect is to require the fiduciary to act for the benefit of the principal alone in a particular regard, and to put the specific fiduciary duties owed to the principal ahead of any personal interest and aside from any conflict of interest. Topic 7 – Fiduciary Obligations
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Equity & Trusts 70517BThe Nature of Fiduciary ObligationsMaguire v Makaronis(1997) 188 CLR 449 at 465:“Equity intervenes … not so much to recoup a loss suffered by the plaintiff as to hold the fiduciary to, and vindicate, the high duty owed to the plaintiff …”Topic 7 – Fiduciary Obligations
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Equity & Trusts 70517BThe Nature of Fiduciary Obligations1.Who is a fiduciary? Aberdeen Railway Co v Blaikie Brothers [1854] 1 Macq 461 at 471; [1843-60] All ER Rep 249 at 252, per Lord Cranworth:“[A fiduciary will not be permitted] to enter into engagements in which he has, or can have, a personal interest conflicting, or which possibly may conflict, with the interests of those to whom he is bound to protect.” It is irrelevantwhether- there was intentby the fiduciary to defraud:Nocton v Lord Ashburton [1919] 2 KB 822- or whether the confiding person suffered loss:Birtchnell v Equity Trustees, Executors and Agency Co Ltd (1929) 42 CLR 384 at 408-9 per Dixon J.Topic 7 – Fiduciary Obligations
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Equity & Trusts 70517A IntroductionBThe Nature of Fiduciary Obligations
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