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Fiduciary duties - Coggle Diagram

- - - - court just looks if the F is strictly liable
- - - - where T sells property to/ buys property from the trust, the T will put themselves in position of conflict (as their role as seller for trust and buyer as individual)
      - even if a trustee retires from the trust to purchase trust property, they remain subject to scrutiny under fiduciary principles- bs can still set transaction aside
    - - Bs can set aside the transaction at a later date- 'self-dealing' rule
        
        the transaction is thus not automatically void
        
        Bs can decide that the transaction was good deal for trust
        
        if Bs want to set transaction aside, they must do so within a reasonable amount of time
        
        time period is generous if one of bs is under 18- gives more time to take action
        
        T must reconvey the property into the joint names of the Ts (other T) and the trust must repay them the OG purchase price of the property. If property has gone up in value, Bs will gain benefit of houses increased value
      - self-dealing rule applied strictly- court do not regard if t has paid fair vale for property or acted honestly.
  - - - also, if someone was a director before they became a t of a trust that has shares in the company, the director can keep their salary- they did not become a director by virtue of the trust