TRUSTEE POWERS AND DUTIES

reashton
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Mind Map on TRUSTEE POWERS AND DUTIES, created by reashton on 04/11/2013.

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reashton
Created by reashton over 6 years ago
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TRUSTEE POWERS AND DUTIES
1 POWERS (discretionary)
1.1 Maintanence
1.2 Advancement
1.3 Buy land
2 DUTIES (must be exercised)
2.1 Fiduciary
2.1.1 Good Faith
2.1.2 No Profit
2.1.2.1 OTHER UNAUTHORISED PROFITS
2.1.2.1.1 Robinson v Pett - Administer gratuitously
2.1.2.1.2 Boardman v Phipps - liable for profits although were honest
2.1.2.1.3 Changes in the law
2.1.2.1.3.1 Personal or Proprietary remedy?
2.1.2.1.3.1.1 Lister v Stubbs - No proprietary basis therefore no proprietary remedy
2.1.2.1.3.1.1.1 Reid departed from Stubbs - held on constructive trust for the crown. Templemen talks of 'good man theory' ands how bribery is an evil practice
2.1.2.1.3.1.1.1.1 Sinclair - reverts back to stubbs. Reid received critiscim. Proprietry remedy is unncecessary as property was never owned by the principal in the firs
2.1.2.1.3.1.1.1.1.1 European Ventures v Mankarious
2.1.2.1.3.1.1.1.1.1.1 Neuberger's three categories (Sinclair) - no proprietary remedy unless falls under
2.1.2.1.3.1.1.1.1.1.1.1 1. Asset or money is or has been the property of the fiduciary principle
2.1.2.1.3.1.1.1.1.1.1.2 2. Trustee acquired money/asset by taking advantage of an opportunity that was properly that of the B
2.1.2.1.3.1.1.1.1.1.1.3 3. Other
2.1.2.2 SECRET BRIBES
2.1.2.2.1 Huntingdon Cooper - he will be under a duty to account in equity
2.1.2.2.2 Reading v AG - bribe money but Fiduciary was still liable to account
2.1.2.3 Self dealing
2.1.2.3.1 Titto v Wadell - transaction becomes voidable
2.1.2.3.1.1 Wright v Morgan/Kane v Radley Kane/Moore - strict rule applied
2.1.2.3.2 Ex Parte James - Beneficiaries informed consent
2.1.2.3.3 Remedy? - let the transaction stand or avoid trasnaction
2.1.3 No Conflict
2.1.3.1 Bray v Ford - "Inflexible rule of equity" per Lord Herschell
2.1.3.2 Keech v Sandford - Lord King - Too high a risk that position could be abused
2.1.4 Not act for own benefit or 3rd party
2.2 Skill and Care
2.2.1 Trustee Act 2000 S1
2.2.2 s3 and 4 apply to investment
2.3 Instrument

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