Ratima v Smith - Te Haroto 2B2B (2018) 70 Takitimu MB 88 (70 TKT 88) [pdf, 500 KB]
...Trustees have a fundamental duty not to make a profit for themselves out of the trust property or out of their office of trust.14 In addition, trustees have a basic duty to keep proper accounts and to report to their beneficiaries when reasonably requested to do so. Discussion Did the former trustees breach their duties? [31] Mr Francois, an accountant engaged by the Court, undertook an investigation into the financial position of the trust. His report was compiled from bank state...