This section contains the nature of the case and procedural background.

A trust was created by a will in 1931. The trustee was authorized to make investments only in U.S bonds, State bonds, and municipal bonds rated AA or better by Moody's or another alternative grading service if Moody's ceased to exist. The income of the trust was payable to certain beneficiaries for life, and those beneficiaries held a general testamentary power of appointment. In default of that power, the remainder in each share was to pass to the descendants of the life beneficiary. A petition was filed to change the standard of investment to the statutory prudent man rule. It was granted. This appeal followed.

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