§ 36C-1-111. Nonjudicial settlement agreements. - North Carolina Statutes

§ 36C‑1‑111. Nonjudicial settlement agreements.

(a)        For purposes ofthis section, "interested persons" means persons whose consent wouldbe required in order to achieve a binding settlement were the settlement to beapproved by the court.

(b)        Interested personsmay enter into a binding nonjudicial settlement agreement with respect to anyof the following matters involving a trust:

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

(2)        Direction to atrustee to perform or refrain from performing a particular administrative actor the grant to a trustee of any necessary or desirable administrative power,including a power granted under G.S. 36C‑8‑816;

(3)        The resignation orappointment of a trustee and the determination of a trustee's compensation;

(4)        Transfer of atrust's principal place of administration; and

(5)        Liability of atrustee for any action taken under subdivisions (1) through (4) of thissubsection.

(c)        A nonjudicialsettlement agreement is valid only to the extent it does not violate a materialpurpose of the trust and includes terms and conditions that could be properlyapproved by the court under this Chapter or other applicable law.

(d)        Any interestedperson may request the court to approve a nonjudicial settlement agreement, todetermine whether the representation as provided in Article 3 of this Chapterwas adequate, and to determine whether the agreement contains terms andconditions the court could have properly approved. (2005‑192, s. 2.)