(a) As used in this Code section, the term "interested persons" means the trustee and all other persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court.
(b) Except as provided in subsection (c) of this Code section, the interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
(c) A nonjudicial settlement agreement:
(1) Shall be 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 Code or other applicable law; and
(2) Shall not be valid with respect to any modification or termination of a noncharitable irrevocable trust when the settlor's consent would be required in order to achieve a binding settlement, if such settlement were to be approved by a court.
(d) Any interested person may request the court approve a nonjudicial settlement agreement, determine whether the representation as provided in Code Section 53-12-8 was adequate, or determine whether such agreement contains terms and conditions the court could have properly approved.
(e) An agreement entered into in accordance with this Code section shall be final and binding on the interested persons as if ordered by a court with competent jurisdiction over the trust, the trust property, and the interested persons.
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