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Fiduciary Duties
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Equity and Trusts Lecture Notes - Fiduciary Duties
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EQUITY AND TRUSTS SEMINAR 8 – LECTURE OUTLINE –FIDUCIARY DUTIES
PART A: CONTEXT AND HISTORICAL DEVELOPMENTS
Lecture 1: Context:
Initial Thoughts:
o Trustee – “archetypal fduciary relationship”
(Underhill and Hayton: Law of Trusts and Trustees, 19th
ed, p1.42)
o “the essence of a fduciary relationship is that it creates
obligations of a diferent character from those deriving
from the contract itself”
(Re Goldcorp Exchange Ltd [1995] 1 AC 74 at 98, [1994]
2 All ER 806 at 821, Lord Mustill)
o “A person will be a fduciary in his relationship with another
when and insofar as that other is entitled to expect that he
will act in that other’s or in their joint interest to the exclusion
of his own several interest”
P. D. Finn ‘The Fiduciary Principle’, Chapter 1 in TG
Youdan (ed) Equity, Fiduciaries and Trusts (1989,
Carswell, Canada), p54) Australian Supreme Court
Judge
Highlights the idea that there is some selfessness
that must be involved
Wide Ranging – USA:
o Nature of fduciary relationships:
“To say that a man is a fduciary only begins the
analysis; it gives direction to further inquiry. To whom
is he a fduciary? What obligations does he owe a
fduciary? In what reseect has he failed to
discharge these obligations? And what are the
consequences of his deviation from duty?”
per Justice Frankfurter in S.E.C v Chenery
Corporation (1943) 318 US 80, at pp 85-86
o The relationship is wide ranging in nature
and perhaps broad
Settled?
o “fduciary relationshipcconcept in search of a principle”
Sir Anthony Mason ‘Themes and Prospects’ in P.D. Finn
(ed) Essays in Equity (1985) at p.246
A Wide Defnition?
(1)Whenever the claimant entrusted property to the defendant
relying on him to deal with that property on his behalf; and
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