Current through Pa Acts 2024-53, 2024-56 through 2024-79
Section 7710.1 - [Effective Until 10/14/2024] Nonjudicial settlement agreements - utc 111(b) General rule.--Except as otherwise provided in subsection (c), all beneficiaries and trustees of a trust may enter into a binding nonjudicial settlement agreement with respect to any matter involving the trust. The rules of Subchapter C (relating to representation) shall apply to a settlement agreement under this section.(c)Exception.--A nonjudicial settlement agreement is valid only to the extent it is not inconsistent with a material purpose of the trust and includes terms and conditions that could be properly approved by the court under this chapter or other applicable law.(d) Matters that may be resolved.--Matters that may be resolved by a nonjudicial settlement agreement include the following: (1) The interpretation or construction of the provisions of a trust instrument.(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 perform or refrain from performing a particular act.(4) The resignation or appointment of a trustee and the determination of a trustee's compensation.(5) Transfer of a trust's situs.(6) Liability or release from liability of a trustee for an action relating to the trust.(7) The grant to a trustee of any necessary or desirable power.(8) The exercise or nonexercise of any power by a trustee.(9) Questions relating to the property or an interest in property held as part of a trust.(10) An action or proposed action by or against a trust or trustee.(11) The modification or termination of a trust.(12) An investment decision, policy, plan or program of a trustee.(13) Any other matter concerning the administration of a trust.(e) Request of court.--Any beneficiary or trustee of a trust may request the court to approve a nonjudicial settlement agreement to determine whether the representation as provided in Subchapter C was adequate or whether the agreement contains terms and conditions the court could have properly approved.Amended by P.L. TBD 2016 No. 79, § 14, eff. 1/1/2017.2006, July 7, P.L. 625, No. 98, § 9, effective in 120 days [Nov. 6, 2006].This section is set out more than once due to postponed, multiple, or conflicting amendments.