BUSAD 120 Lecture Notes - Lecture 20: Fiduciary, W. M. Keck Observatory, Antique Car
Document Summary
Fiduciary duty of mandatary (agent): agent is bound to fulfill the mandate that has been accepted and shall act with prudence and diligence in performing the mandate. Agent shall also act honestly and faithfully, in the best interest of the principal (mandator). When mandatary is performing the mandate, the mandatary is always supposed to act with the best interest of the mandator in mind. Mandatary is not allowed to use info belonging to the mandator to make a personal profit for the mandatary. Inform principal of the mandate status (ccq s. 2139) Inform principal of the status of the mandate: the agent must inform the principal as to the progress of the mandate. As soon as the mandate is completed, the agent must diligently advise the principal to this effect. If mandatary gets the approval of the mandator (principal) to transafer, the mandatary would not be liable for damages caused by the new mandatary.
