It is an overriding rule of equity ‘repeated in innumerable cases of the highest authority’ that persons acting as fiduciaries for others, such as an executor, administrator or trustee, should not make a contract which binds those for whom they act as fiduciaries with themselves personally.1 This is the case even if others are parties to the transaction.2 The rule has been explained in the following way:

‘The self-dealing rule is … that if a trustee sells the trust property to himself, the sale is voidable by any beneficiary ex debito justitiae, however fair the transaction.3

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