TRUSTEE POWERS AND DUTIES

POWERS (discretionary)
1. Maintanence
2. Advancement
3. Buy land
DUTIES (must be exercised)
1. Fiduciary
  1. Good Faith
  2. No Profit
    1. OTHER UNAUTHORISED PROFITS
      1. Robinson v Pett - Administer gratuitously
      2. Boardman v Phipps - liable for profits although were honest
      3. 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
    2. SECRET BRIBES
      1. Huntingdon Cooper - he will be under a duty to account in equity
      2. Reading v AG - bribe money but Fiduciary was still liable to account
    3. Self dealing
      1. Titto v Wadell - transaction becomes voidable
        Wright v Morgan/Kane v Radley Kane/Moore - strict rule applied
      2. Ex Parte James - Beneficiaries informed consent
      3. Remedy? - let the transaction stand or avoid trasnaction
  3. No Conflict
    1. Bray v Ford - "Inflexible rule of equity" per Lord Herschell
    2. Keech v Sandford - Lord King - Too high a risk that position could be abused
  4. Not act for own benefit or 3rd party
2. Skill and Care
  1. Trustee Act 2000 S1
  2. s3 and 4 apply to investment
3. Instrument

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TRUSTEE POWERS AND DUTIES

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