§ 30.1-22-02 — (3-1102) Procedure for securing court approval of compromise

The procedure for securing court approval of a compromise is as follows:
1. The terms of the compromise shall be set forth in an agreement in writing which shall
be executed by all competent persons and parents or guardians acting for any minor
children 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.
2. Any interested person, including the personal representative, if any, 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.
3. After notice to all interested persons or their representatives, including the personal
representative of any estate and all affected trustees, 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. Minor children represented only by
their parents or guardians may be bound only if their parents or guardians join with
other competent persons in execution of the compromise. 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.