§ 15-12-1102 — Procedure for securing court approval of compromise

Colorado § 15-12-1102

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Probate of Wills and Administration

Text

(1) The
procedure for securing court approval of a compromise is as follows:

(a) The terms of the compromise shall be set forth in an agreement in writing
which shall be executed by all competent persons and parents acting for any minor
child having beneficial interests or having claims which will or may be affected by
the compromise. Execution is not required by any person whose identity cannot be
ascertained or whose whereabouts is unknown and cannot reasonably be
ascertained.

(b) Any interested person, including the personal representative or a trustee,
then may submit the agreement to the court for its approval and for execution by
the personal representative, the trustee of every affected testamentary trust, and
other fiduciaries and representatives.

(c) After notice to all interested persons or their representatives, including
the personal representative of the estate and all affected trustees of trusts, the
court, if it finds that the contest or controversy is in good faith and that the effect
of the agreement upon the interests of persons represented by fiduciaries or other
representatives is just and reasonable, shall make an order approving the
agreement and directing all fiduciaries under its supervision to execute the
agreement. A minor child represented only by his parents may be bound only if his
parents join with other competent persons in execution of the compromise, and if
there is no conflict of interest between parent and child. Upon the making of the
order and the execution of the agreement, all further disposition of the estate is in
accordance with the terms of the agreement.

Legislative History

Source: L. 73: R&RE, p. 1607, � 1. C.R.S. 1963: � 153-3-1102.