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A fiduciary's duty must not conflict with another fiduciary duty. [20] [38] [77] Conflicts between one fiduciary duty and another fiduciary duty arise most often when a lawyer or an agent, such as a real estate agent, represent more than one client, and the interests of those clients conflict. [23]
"It is essential to bear in mind that the existence of a fiduciary relationship does not mean that every duty owed by a fiduciary to the beneficiary is a fiduciary duty. In particular, a trustee's duty to exercise reasonable care, though equitable, is not specifically a fiduciary duty . . ." Ipp J. explained, at p. 158:
Liability for breach of trust extends not only to the fiduciary who breaches his or her duty, and potentially to recipients of trust property, but may also reach people who have assisted the breach of fiduciary duty. [278] Generally speaking there must be both an act of assistance, and then a dishonest state of mind.
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John C. Bogle is the founder and retired CEO of The Vanguard Group, the largest mutual fund organization in the world, comprising more than 160 mutual funds with current assets totaling more than ...
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While the trustee is given legal title to the trust property, in accepting title the trustee owes a number of fiduciary duties to the beneficiaries. The primary duties owed are those of loyalty, prudence and impartiality. [6] Trustees may be held to a high standard of care in their dealings to enforce their behavior.
If the fiduciary has informed the beneficiaries that he is acting on his own behalf, and has received permission to do so, the property would not have been held on constructive trust. [41] The third issue is who does the fiduciary owe duties to. In Boardman the case was concerning a trust, and it was held that the duties were towards the ...