The Law of Fiduciary Duties Seminar 2
The Digest (as stated by Paulus) states that the principles applying to a tutor in dealing with
the property of his ward should also apply to anyone acting in a similar way. (e.g. curators,
procurators and anyone admi
The Law of Fiduciary Duties Seminar 1
Lord Millet stated that confidence is the essence of a fiduciary relationship. It is only
fiduciary where there is trust and confidence (R v Chester and North Wales Legal Aid Area
There is no technical meanin
The Law of Fiduciary Duties Seminar 3
Not all obligations between fiduciary parties are of a fiduciary nature.
This is stated by Millet LJ in Bristol and West Building Society v Motthew, which confines
the term 'fiduciary duties' to those duties peculiar
The Law of Fiduciary Duties Seminar 6
For Smith, the essence of the fiduciary obligation lies in the justifiability of motive.
Proscriptive duties are those which don't actually require the fiduciary to do anything.
Parkinson states that fiduciary d
The Law of Fiduciary Duties Seminar 5
Regal Hastings v Gulliver
The appellant brought an action against former directors to recover sums which were profits
made by them upon acquisition and sale of shares in a subsidiary company formed by the
The Law of Fiduciary Duties Seminar 4
When do fiduciary duties arise?
Power / discretion theory
There is general agreement that fiduciary duties are an open-ended family, comprised of
established relations and ad hoc relations.
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1. The no-profit rule is unjustifiably strict and must be relaxed. Fiduciaries
should be allowed to keep an unauthorized profit obtained in the exercise of their
powers, if they are able to prove that they acted in good faith and for the bene
The Equitable Nature of
Presentations focus on the gain-based remedies.
Personal(e.g. Account of Profits)
Proprietary(e.g. Constructive Trust)
This presentation focuses on th