BLAW 308 Lecture Notes - Lecture 3: Fiduciary
Document Summary
Fact: martin spector, abner rosenberg, marvin patron, and simon konover agreed to build a shopping plaza in seymour, connecticut without a written agreement. Town realty co. , splitting profits up in 4 equal pieces. Spector and rosenberg assisted with the land lease, while patron and konover took care of the building, operating, and managing. Konover admitted to delivering funds between his numerous entities. He did this to minimize expenses in his properties that could not afford repairs. Spector sued konover"s alleged breaches of fiduciary duty in managing the tri town partnership. Trial court found konover proved he dealt with. Spector fairly, spector appealed to the appellate court of connecticut. Rule: fiduciary duty is a legal obligation of one party to act in the best interest of another. The obligated party is typically a fiduciary, that is, someone entrusted with the care of money or property.
