Utah Code 75-7-110. Nonjudicial settlement agreements
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(1) For purposes of this section, “interested persons” means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court.
Terms Used In Utah Code 75-7-110
- Court: means any of the courts of record in this state having jurisdiction in matters relating to the affairs of decedents. See Utah Code 75-1-201 v2
- Interested person: includes heirs, devisees, children, spouses, creditors, beneficiaries, and any others having a property right in or claim against a trust estate or the estate of a decedent, ward, or protected person. See Utah Code 75-1-201 v2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and cotrustee, whether or not appointed or confirmed by the court. See Utah Code 75-1-201 v2
(2) Except as otherwise provided in Subsection(3) , interested persons may enter into a binding 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 a material purpose of the trust and includes terms and conditions that could be properly approved by the court under this chapter or other applicable law.(4) Matters that may be resolved by a nonjudicial settlement agreement include:(4)(a) the interpretation or construction of the terms of the trust;(4)(b) the approval of a trustee‘s report or accounting;(4)(c) direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power;(4)(d) the resignation or appointment of a trustee and the determination of a trustee’s compensation;(4)(e) transfer of a trust’s principal place of administration; and(4)(f) liability of a trustee for an action relating to the trust.(5) Any interested person may request the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided inPart 3, Representation , was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved.