Acquisition of property by a fiduciary of his principal is governed by two rules.Discuss

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BACHELOR OF LAWS DEGREE
TRUST LAW

DATE OF SUBMISSION: 25/11/2013
QUESTION: Acquisition of property ~ dint of. a fiduciary of his principal is governed by two rules..discuss

INTRODUCTION
“A held in trust is a person holding the turn of a trustee, or a constitution analogous to that of a trustee, in respect to the trust and confidence involved in it and the punctilious good faith and cador which it requires” (blacklaws dictionary).
Lord Millet in Bristol and West Building Society V Mothew1 stated that a fiduciary is who has undertaken to act instead of and on behalf of another in a peculiar matter in circumstances which give mount to a relationship of trust and boldness.
Duties of a fiduciary
Bristol & West BS v Mothew, through Millett LJ:
The distinguishing obligation of the reliable is the obligation of loyalty. The head is entitled to the single minded faithfulness of his fiduciary. The duty is comprised of the following sub rules:
Must act in admirable faith

must not profit from the trust

Must not place himself in state where duty and interest no be inconsistent

May not act for own/third party benefit without informed consent of cardinal

Must prove any transaction with chief was fair and full disclosure
When a what one ought to do of care is imposed, equity requires some arguably stricter standard of behavior that that of a ~-place law tortuous duty of care. He is required to subsist loyal at all times and to act towards the sole benefit of the sole benefit of the beneficiary.
The basic common rule governing fiduciaries is that a living body in a fiduciary position is not allowed to inflict himself in a position where his interests and what one ought to do conflict (no conflict rule).
The touchstone was laid down in the capsule of Keech V Sanford2.in the above case, a lease was renewed...

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