75-7-110 - Nonjudicial settlement agreements. - Utah Statutes

75-7-110. Nonjudicial settlement agreements.
(1) For purposes of this section, "interested persons" means persons whose consentwould be required in order to achieve a binding settlement were the settlement to be approved bythe court.
(2) Except as otherwise provided in Subsection (3), interested persons may enter into abinding nonjudicial settlement agreement with respect to any matter involving a trust.
(3) A nonjudicial settlement agreement is valid only to the extent it does not violate amaterial purpose of the trust and includes terms and conditions that could be properly approvedby the court under this chapter or other applicable law.
(4) Matters that may be resolved by a nonjudicial settlement agreement include:
(a) the interpretation or construction of the terms of the trust;
(b) the approval of a trustee's report or accounting;
(c) direction to a trustee to refrain from performing a particular act or the grant to atrustee of any necessary or desirable power;
(d) the resignation or appointment of a trustee and the determination of a trustee'scompensation;
(e) transfer of a trust's principal place of administration; and
(f) liability of a trustee for an action relating to the trust.
(5) Any interested person may request the court to approve a nonjudicial settlementagreement, to determine whether the representation as provided in Part 3, Representation, wasadequate, and to determine whether the agreement contains terms and conditions the court couldhave properly approved.

Enacted by Chapter 89, 2004 General Session