Montana Code 72-38-111. Nonjudicial settlement agreements
72-38-111. Nonjudicial settlement agreements. (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 Montana Code 72-38-111
- Interested person: means :
(a)the trustee;
(b)the qualified beneficiaries who are entitled to notice; and
(c)the attorney general if the petition is related to a charitable trust subject to the jurisdiction of the attorney general. See Montana Code 72-38-103
- Principal place of administration: means the usual place in which the day-to-day activity of the trust is carried on by the trustee or its representative who is primarily responsible for the administration of the trust unless otherwise designated by the terms of the trust as provided in 72-38-108. See Montana Code 72-38-103
- 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.
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Montana Code 72-38-103
(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.
(4)Matters that may be resolved by a nonjudicial settlement agreement include but are not limited to:
(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 a trustee of any necessary or desirable power;
(d)the resignation or appointment of a trustee and the determination of a trustee’s compensation;
(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 settlement agreement, to determine whether the representation as provided in Title 72, chapter 38, part 3, was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved.