Sec. 25. (a) As used in this section, "interested person" means a person whose consent would be required to achieve a binding settlement were the settlement to be approved by the court.
(b) Except as provided in subsection (c), an interested person may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust. This procedure is not intended to foreclose or limit any other procedure for settlement available under other applicable law.
(c) 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 article or other applicable law. A nonjudicial settlement may not be used to produce a result not authorized by other provisions of this article, including but not limited to terminating or modifying a trust in an impermissible manner.
(d) Subject to subsection (c), matters that may be resolved by a nonjudicial settlement agreement include the following:
(1) The interpretation or construction of the terms of a trust.
(2) The approval of a trustee's report or accounting or waiver of the preparation of a trustee's report or accounting.
(3) Direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power.
(4) The resignation or appointment of a trustee and the determination of a trustee's compensation.
(5) Transfer of a trust's principal place of administration.
(6) Liability or release of a trustee for an action relating to a trust.
(7) The criteria for distribution to a beneficiary where a trustee is given discretion.
(8) The resolution of a dispute arising out of the administration or distribution of a trust.
(9) An investment action.
(10) The appointment of and powers granted to a trust director.
(11) Direction to a trust director to perform or refrain from performing a particular act or the grant of a power to a trust director.
(e) Before or after the parties enter into a nonjudicial settlement agreement, an interested person may request the court to approve a nonjudicial settlement agreement to determine whether the representation under IC 30-4-6-10.5 was adequate and to determine whether the agreement contains terms and conditions the court would approve.
As added by P.L.221-2019, SEC.7. Amended by P.L.231-2019, SEC.28.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.