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SHRINERS HOSPITALS v. GARDINER

No. 1 CA-CIV 7536.

152 Ariz. 519 (1986)

733 P.2d 1102

SHRINERS HOSPITALS FOR CRIPPLED CHILDREN, Petitioner-Appellant, v. Mary Jane GARDINER, Trustee; The Laurabel Gardiner Trust, Respondents-Appellees.

Court of Appeals of Arizona, Division 1, Department B.

May 15, 1986.

Attorney(s) appearing for the Case

Gust, Rosenfeld, Divelbess & Henderson by Richard H. Whitney and Fred Cole, Phoenix, for petitioner-appellant.

Romley & Romley by Elias M. Romley, Phoenix, for respondents-appellees.

MEYERSON, Judge.

May a trustee completely delegate her power to manage and invest trust assets? This is the important question presented in this appeal. As explained herein, we hold that trustee Mary Jane Gardiner breached her fiduciary obligations by delegating investment power to a third party.

I. FACTS

Appellant Shriners Hospitals For Crippled Children (Hospital) appeals from the trial court's order denying a surcharge of

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