Ohio Code 2117.05 – Compromise and settlement of claims
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On the application of an executor or administrator for authority to compromise and settle a claim in favor of or against a decedent‘s estate, the probate court, upon hearing on such application and after reasonable notice has been given to all persons who would be adversely affected thereby as determined by the court, may authorize or direct the executor or administrator to compromise and settle such claim on such terms as the court deems to be for the best interest of the estate. The court may dispense with the notice of such hearing if it deems notice to be unnecessary. An executor authorized by the will to make such compromise and settlement may but shall not be required to apply to the court for such authority.
Terms Used In Ohio Code 2117.05
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Probate: Proving a will
- 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.