General Duties of Trustees - Duty #9: Duty to Exercise Care and Skill - Common Law Duty of Care
3 important questions on General Duties of Trustees - Duty #9: Duty to Exercise Care and Skill - Common Law Duty of Care
Standard of Duty of Care
The standard of the duty of care owed at common law was that of the ordinary prudent person of business.
Standard of Ordinary Prudent Person of Business Conducting His Own Private Affairs or The Affairs of His Business or The Affairs of Others for Whom He Felt Morally Bound to Provide?
Learoyd v Whiteley: His own private affairs
Re Whiteley: The affairs of others for whom he felt morally bound to provide.
***Inconsistencies but last view is preferable.
Re Whiteley: The affairs of others for whom he felt morally bound to provide.
***Inconsistencies but last view is preferable.
Re Waterman’s Will Trusts [1952]
If the trustee is a paid professional a higher standard of care will be required, because the professional administrator holds himself out as having specialised skills and experience, for which he will be remunerated.
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