354 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
3. The reason is that the legatee has taken unfair advantage by using unfair means. He cannot, therefore, be allowed to retain such an advantage.
II. Section 88
1. The second case arises when any person who is bound to protect the interest of another person by reason of his fiduciary relationship with the latter.
2. Persons who fall in this category are—
(i) Agent and Principal.
(ii) Partners in a firm.
(iii) Guardian and ward.
(iv) Trustee and beneficiary.
(v) Executor and Legatee.
3. The section says—
(i) That any such person who gains any pecuniary advantage by availing himself of his fiduciary.
(ii) Enters into any dealings under circumstances in which his own interests are adverse to those of the person whom he is bound to protect and thereby gains for himself a pecuniary advantage
Then
He must hold the advantage so gained for the benefit of the person whose interest he was bound to protect.
4. Illus.
(i) A partner buys land in his own name with funds belonging to his firm. He must hold it for the benefit of the partners.
(ii) A trustee, retires from his trust in consideration of a bribe paid to him by his Co-trustee. The trustee must hold the sum for the benefit of the trustee.
(iii) An agent is employed by A to secure a lease from B of a certain property. The agent obtained a lease for himself. The agent must hold it for the benefit of B.
(iv) A guardian buys up the incumbrances on his ward’s property at an undervalue. He can charge the ward only for the value he has actually paid for the incumbrances.