Categories
of Fiduciary Relationships
¡Duty owed by
trustees to the beneficiary
¡Others in a position of authority or power also owe this
duty to those who are subject
to their authority or power
¡“Some recognized examples of these categories are relationships between directors and corporations, solicitors and
clients, trustees and beneficiaries,
agents and principals, life
tenants and remaindermen, and partners. As well, it has frequently been noted that the categories
of fiduciary
relationship are never closed ... An extension of fiduciary obligations to new "categories" of relationship presupposes the existence of an underlying principle which governs the imposition of the fiduciary obligation.”
-- Frame v. Smith
12