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Some societies use Oxford Academic personal accounts to provide access to their members. This has fuelled a more general debate as to whether the no-conflict rule should be harsh or more flexible. Viscount Dilhorne and Lord Upjohn (DISSENTING): A COI only arises and renders a fiduciary liable to account for profits made where a reasonable man, looking at all the relevant circumstances, would conclude that there was a real, sensible possibility of conflict of interest, which was not the case here. Boardman V Phipps - Judgment - House of Lords | House Lords - LiquiSearch Boardman v Phipps [1967] Where an individual is in the position of agent for trustees, any knowledge acquired in such a position is trust property. But then John Phipps, another beneficiary, sued for their profits, alleging a conflict of interest. They realised together that they could turn the company around. Boardman v Phipps [1967] 2 AC 46. Boardman was concerned about the accounts of the company, and thought that to protect the trust a majority shareholding is required. Annetts v McCann (1990) 170 CLR 596. The Cambridge Law Journal publishes articles on all aspects of law. The claim for repayment cannot, however, be allowed to extend further than the justice of the case demands. Rix LJ in Foster v Bryant4 was similarly equivocal to Arden LJ about the inflexibility of the test in Boardman v Phipps. They were therefore liable for the profits earned. 2 0 obj <> Shibboleth / Open Athens technology is used to provide single sign-on between your institutions website and Oxford Academic. The House of Lords maintained the strict rule that historically equity has imposed on a fiduciary. For terms and use, please refer to our Terms and Conditions His Lordship distinguished Regal (Hastings) v Gulliver by restricting Regal Hastings to circumstances concerned with property of which the principals were contemplating a purchase. Do not use an Oxford Academic personal account. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 17 0 R 22 0 R 23 0 R 25 0 R 35 0 R 36 0 R 40 0 R 42 0 R] /MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Boardman v Phipps [1967] 2 AC 46 - Law Case Summaries Trust Law Cases Cycle 5 (Duties of a Trustee) - Quizlet