Section 564-B:1-111 Nonjudicial Settlement Agreements.
(a) For purposes of this section, ""interested persons'' means persons, other than the settlor, whose consent would be required in order to achieve a binding settlement were the settlement to be approved by a court.
(b) Except as otherwise provided in subsection (c), interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
(c) A nonjudicial settlement agreement is valid only to the extent it does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by a court under this chapter or other applicable law.
(d) Matters that may be resolved by a nonjudicial settlement agreement include without limitation:
(1) the interpretation or construction of the terms of the trust;
(2) the approval of a trustee's report or accounting;
(3) direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power;
(4) the resignation or appointment of a trustee and the determination of a trustee's compensation;
(5) transfer of a trust's principal place of administration;
(6) liability of a trustee for an action relating to the trust; and
(7) the termination or modification of a trust.
(e) Any interested person may request the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in article 3 was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved.
Source. 2004, 130:1. 2006, 320:51, eff. Aug. 19, 2006. 2008, 374:6, eff. Sept. 9, 2008.