55-541.11 - Nonjudicial settlement agreements. - Virginia Statutes

§ 55-541.11. Nonjudicial settlement agreements.

A. For purposes of this section, "interested persons" means persons whoseconsent would be required in order to achieve a binding settlement were thesettlement to be approved by the court.

B. Except as otherwise provided in subsection C, interested persons may enterinto a binding nonjudicial settlement agreement with respect to any matterinvolving a trust.

C. A nonjudicial settlement agreement is valid only to the extent it does notviolate a material purpose of the trust and includes terms and conditionsthat could be properly approved by the court under this chapter or otherapplicable law.

D. Matters that may be resolved by a nonjudicial settlement agreement include:

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 particular act or thegrant to a trustee of any necessary or desirable power;

4. The resignation or appointment of a trustee and the determination of atrustee'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.

E. Any interested person may petition the court to approve a nonjudicialsettlement agreement, to determine whether the representation as provided inArticle 3 was adequate, and to determine whether the agreement contains termsand conditions the court could have properly approved.

(2005, c. 935.)