Section 45-3-1101 - Effect of approval of agreements involving trusts, inalienable interests or interests of third persons.
45-3-1101. Effect of approval of agreements involving trusts, inalienable interests or interests of third persons.
A. A compromise of any controversy is binding on all the parties thereto as to:
(1) admission to probate of any instrument offered for formal probate as the will of a decedent;
(2) the construction, validity or effect of any governing instrument;
(3) the rights or interests in the estate of the decedent;
(4) the rights or interests of any successor; or
(5) the administration of the estate, if approved in a formal proceeding in the district court for that purpose.
B. An approved compromise is binding even though it may affect a trust or an inalienable interest. A compromise does not impair the rights of creditors or of taxing authorities who are not parties to it.