58a-111. Nonjudicial settlement agreements. - Kansas Statutes

58a-111

Chapter 58a.--KANSAS UNIFORM TRUST CODE Article 1.--GENERAL PROVISIONS AND DEFINITIONS

      58a-111.   Nonjudicial settlementagreements.(a) Forpurposes of this section, "interested persons" means persons whoseconsent would berequired in order to achieve a binding settlement were the settlement to beapproved by the court.

      (b)   Except as otherwise provided in subsection (c), interested persons mayenter into a bindingnonjudicial settlement agreement with respect to the matters listed insubsection (d).

      (c)   A nonjudicial settlement agreement is valid only to the extent it doesnot violate a materialpurpose of the trust and includes terms and conditions that could be properlyapproved by the courtunder this code or other applicable law.

      (d)   Matters that may be resolved by a nonjudicial settlement agreementare limited to:

      (1)   The approval of a trustee's report or accounting;

      (2)   the resignation or appointment of a trustee and thedetermination of atrustee'scompensation;

      (3)   transfer of a trust's principal place ofadministration; and

      (4)   liability of a trustee for an action relating to thetrust.

      (e)   Any interested person may request the court to approve a nonjudicialsettlement agreement,to determine whether the representation as provided in article 3 of this codewas adequate,and to determinewhether the agreement contains terms and conditions the court could haveproperly approved.

      History:   L. 2002, ch. 133, § 11;L. 2006, ch. 23, § 5; July 1.