What are the characteristics of a fiduciary obligation?
British Columbia, Canada
The following excerpt is from Sledin Estate v. Rusin, 2011 BCSC 1207 (CanLII):
In dissenting reasons in Frame v. Smith, 1987 CanLII 74 (SCC), [1987] 2 S.C.R. 99 at para. 60, Wilson J. described what she considered to be the general characteristics of a fiduciary obligation as follows: 1. The fiduciary has scope for the exercise of some discretion or power. 2. The fiduciary can unilaterally exercise that power or discretion so as to affect the beneficiary’s legal or practical interests. 3. The beneficiary is peculiarly vulnerable to or at the mercy of the fiduciary holding the discretion or power.
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