Trustees' Powers and Duties and Personal Liability for Breach - Breach of Trust and Breach of Duty
3 important questions on Trustees' Powers and Duties and Personal Liability for Breach - Breach of Trust and Breach of Duty
To understand the nature of liability for breach of trust and breach of fiduciary duty, there is a useful formula to be followed
- Does the defendant owe an equitable duty to the claimant?
- Has the duty been breached?
- Has the breach infringed any rights of the claimant?
- Are there any defences, excuses, or bars to defeat the claim or to reduce the extent of liability?
- If the defendant is liable, what remedies might be available to vindicate the claimant's rights?
Bristol & West Building Society v Mothew [1998]
Fiduciaries, including trustees, owe two distinct types of duty: fiduciary and non-fiduciary
Examples of Unauthorised Action
- Misappropriating trust property
- Making unauthorised investment
- Breach of fiduciary duty (no-conflict rule)
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