§ 18-B §111 — Nonjudicial settlement agreements

1.
Interested persons defined.
For purposes of this section, "interested persons" means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court.
2.
Binding nonjudicial settlement agreement.
Except as otherwise provided in subsection 3, interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
3.
Validity of nonjudicial settlement agreement.
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 the court under this Code or other applicable law.
4.
Matters of nonjudicial settlement agreement.
Matters that may be resolved by a nonjudicial settlement agreement include:
5.
Court approval.
Any interested person may request the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in chapter 3 was adequate and to determine whether the agreement contains terms and conditions the court could have properly approved.

Legislative History

PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).