75-3-1102 - Procedure for securing court approval of compromise. - Utah Statutes

75-3-1102. 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 shallbe executed by all competent persons and parents acting for any minor child having beneficialinterests or having claims which will or may be affected by the compromise. Execution is notrequired by any person whose identity cannot be ascertained or whose whereabouts is unknownand cannot reasonably be ascertained.
(2) Any interested person, including the personal representative or a trustee, then maysubmit the agreement to the court for its approval and for execution by the personalrepresentative, the trustee of every affected testamentary trust, and other fiduciaries andrepresentatives.
(3) After notice to all interested persons or their representatives, including the personalrepresentative of the estate and all affected trustees of trusts, the court, if it finds that the contestor controversy is in good faith and that the effect of the agreement upon the interests of personsrepresented by fiduciaries or other representatives is just and reasonable, may make an orderapproving the agreement and directing all fiduciaries under its supervision to execute theagreement. Minor children represented only by their parents may be bound only if their parentsjoin with other competent persons in execution of the compromise. Upon the making of the orderand the execution of the agreement, all further disposition of the estate is in accordance with theterms of the agreement.

Amended by Chapter 30, 1992 General Session