456.1-111. Nonjudicial settlement agreements.

MISSOURI STATUTES AND CODES

456.1-111. Nonjudicial settlement agreements.

Nonjudicial settlement agreements.

456.1-111. 1. In this section, "interested persons" means personswhose consent would be required in order to achieve a binding settlementwere the settlement to be approved by the court.

2. Except as otherwise provided in subsection 3 and 6 of thissection, interested persons may enter into a binding nonjudicial settlementagreement with respect to any matter involving a trust.

3. A nonjudicial settlement agreement is valid only to the extent itdoes not violate a material purpose of the trust and includes terms andconditions that could be properly approved by the court under sections456.1-101 to 456.11-1106 or other applicable law.

4. Matters that may be resolved by a nonjudicial settlement agreementinclude:

(1) the interpretation or construction of the terms of the trust;

(2) the approval of a trustee's report or accounting;

(3) direction to a trustee to refrain from performing a particularact or the grant to a trustee of any necessary or desirable power;

(4) the resignation or appointment of a trustee and the determinationof a trustee's compensation;

(5) transfer of a trust's principal place of administration; and

(6) liability of a trustee for an action relating to the trust.

5. Any interested person may request the court to approve anonjudicial settlement agreement, to determine whether the representationas provided in sections 456.3-301 to 456.3-305 was adequate, and todetermine whether the agreement contains terms and conditions the courtcould have properly approved.

6. A nonjudicial settlement agreement may not be used to terminate ormodify a trust for the reasons that a court could terminate or modify atrust as set forth in subsection 1 of section 456.4B-411.