Liability for breach cases

Armitage v Nurse

'irreducible core of obligations owed by the trustees to the beneficiaries and enforceable by them.' Duty to perform trust honestly and in good faith for the benefit of beneficiaries = irreducible core. Gross negligence can be excluded (non-professionals)

Perrins v Bellamy

'The main duty of a trustee is to commit judicious breaches of trust.'

Citibank v MBIA Assurance

Exclusion clause was valid as it didn't undermine honesty and good faith requirements even though it allowed trustees to not act for benefit of beneficiary

Spread Trustee Co Ltd v Hutcheson

'core obligation of a person acting en bon pere de famille includes a duty to act with reasonable care and thus without negligence' yet 'it is common ground that ordinary negligence can be lawfully excluded.'

Barnsley v Noble

Exclusion clause can cover gross negligence. Valid exclusion clause for self-dealing.

Walker v Stones

belief is not 'honest' if it is 'so unreasonable that no reasonable solicitor-trustee could have thought that what he did was for the benefit of the beneficiaries.' Objective standard for honesty. For professionals.

Re Smith

If acted in a way another reasonable trustee would, they acted reasonably.

Re Stuart

Hadn't acted with reference to these investments as he did if he had been lending money of his own'. Reasonableness