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(a) 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.
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(b) Except as otherwise provided in subsection (c), interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
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(c) 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 chapter or other applicable law.
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(d) Matters that may be resolved by a nonjudicial settlement agreement include:
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(1) the interpretation or construction of the terms of the trust;
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(2) the approval of a trustee’s report or accounting;
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(3) direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power;
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(4) the resignation or appointment of a trustee and the determination of a trustee’s compensation;
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(5) transfer of a trust’s principal place of administration; and
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(6) liability of a trustee for an action relating to the trust.
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(e) Any interested person may request a court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in § 28-73-301 et seq. was adequate, and to determine whether the agreement contains terms and conditions a court could have properly approved.
