473.085. Court approval of compromise, procedure for securing.
Court approval of compromise, procedure for securing.
473.085. The procedure for securing court approval of acompromise is as follows:
(1) The terms of the compromise shall be set forth in anagreement in writing which shall be executed by all competentpersons and parents acting for any minor child having beneficialinterests or having claims which will or may be affected by thecompromise. Execution is not required by any person whoseidentity cannot be ascertained or whose whereabouts are unknownand cannot reasonably be ascertained;
(2) Any interested person, including a personalrepresentative or trustee, may then submit the agreement to thecourt for its approval and for execution by the personalrepresentative, the trustee of every affected testamentary trust,and other fiduciaries and representatives;
(3) After notice to all interested persons or theirrepresentatives, including the personal representative of theestate and all affected trustees of trusts, the court in whichthe controversy is pending, if it finds that the contest orcontroversy is in good faith and that the effect of the agreementupon the interests of persons represented by fiduciaries or otherrepresentatives is just and reasonable, shall make an orderapproving the agreement and directing all fiduciaries over whichit has jurisdiction to execute the agreement. Minor childrenrepresented only by their parents may be bound only if theirparents join with other competent persons in execution of thecompromise. Upon the making of the order and the execution ofthe agreement, all further disposition of the estate is inaccordance with the terms of the agreement.
(L. 1980 S.B. 637, A.L. 1982 S.B. 700 Revision)