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A.   A compromise of any controversy is binding on all the parties thereto as to:   

(1)   admission to probate of any instrument offered for formal probate as the will of a decedent;   

(2)   the construction, validity or effect of any governing instrument;   

(3)   the rights or interests in the estate of the decedent;   

(4)   the rights or interests of any successor; or   

(5)   the administration of the estate, if approved in a formal proceeding in the district court for that purpose.   

B.   An approved compromise is binding even though it may affect a trust or an inalienable interest. A compromise does not impair the rights of creditors or of taxing authorities who are not parties to it.   

  History: 1953 Comp., § 32A-3-1101, enacted by Laws 1975, ch. 257, § 3-1101; 1995, ch. 210, § 46.