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Equity and Trusts - Fiduciaries
200016 - Equity Trusts and Remedies 1
1 Found helpful • 95 Pages • Complete Study Notes • Year: Pre-2021
In the ordinary course of things, a fiduciary relationship arises when a person (the fiduciary) undertakes to act in another’s best interests, or is obliged so to act, and that other reposes confidence in the person so to do: Hospital Products Ltd v United States Surgical Corp (1984) (‘Hospital Products’). Confidence may also be deemed (Whitehouse v Carlton Hotel Pty Ltd), and its reposition need not amount to a confidential relationship (Chan v Zacharia). It is exceedingly difficult to define in anything but the vaguest generality the circumstances capable of giving rise to a fiduciary relation. To derive from the case law any criteria of universal application is all but impossible. For this reason, scholars (most notably Paul Finn) have described the notion of a fiduciary as a ‘concept in search of a principle’. There is some truth to this assertion. The character of a fiduciary is difficult to articulate because of the flexible, ephemeral nature of its treatment by equitable doctrines. Determining whether a particular relationship is of a fiduciary character is important because certain consequences flow from its existence. These consequences take the form of obligations placed on the fiduciary (ie, the party obliged to act in the other’s best interests) over and above any other duties in contract or tort. Breach of a fiduciary duty may give the principal an equitable remedy.
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