Reversing the Nondelegation Rule of Trust-Investment Law

The movement from nondelegation to delegation seems to entail a doctrinal volte face. A main theme of the present Article, however, is that there is less to this change than meets the eye. Practice under the nondelegation rule has led to the repudiation of the rule. Nevertheless, the new delegation rule may affect future patterns of trusteeship.

By making it easier for trustees to externalize the investment function, the reformed law will encourage persons who lack investment expertise-for example, family members and lawyers-to serve as trustees.