§ 18-4-8 - Settlement of debts and claims – Assent of court.
SECTION 18-4-8
§ 18-4-8 Settlement of debts and claims– Assent of court. – (a) An executor or administrator, or two (2) or more trustees or assigneesacting together, or a sole acting trustee or assignee, if by the instrument, ifany, creating the trust the sole trustee or assignee is authorized to executethe trusts and powers thereof, may, if and as he, she, they, or it think fit,with the assent as provided in this section, accept any composition or anysecurity, real or personal, for any debt or for any property, real or personal,claimed, and may allow any time for payment of any debt, and may compromise,compound, abandon, submit to arbitration, or otherwise settle, any debt,account, claim, or thing whatever, relating to the deceased person's estate orto the trust; and for any of these purposes may enter into, give, execute, anddo such agreements, instruments of composition or arrangement, releases, andother things that to him, her, it, or them seem expedient, without beingresponsible for any loss occasioned by any act or thing done by him, her, it,or them, in good faith, if done with the assent of the probate court in case ofexecutors or administrators, and of one of the justices of the superior courtin the case of trustees or assignees.
(b) Application for the assent shall be in writing, and theassent, if given, shall be by order or decree and with or without notice orhearing, as the probate court or justice of the superior court shall deem best.
(c) In case the order is made, or decree entered, the orderor decree shall be final and not subject to appeal or rehearing.
(d) As regards trustees or assignees, this section appliesonly if and as far as a contrary intention is not expressed in the instrument,if any, creating the trust, and shall have effect subject to the terms of thatinstrument and to the provisions contained in it.
(e) This section applies to executorships,administratorships, trusts, and assignments previously or subsequentlyconstituted or created.