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28-73-111. Nonjudicial settlement agreements.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-111. Nonjudicial settlement agreements.
(a) For purposes of this section, “interested persons” means 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 otherwise provided in subsection (c), interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
(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 chapter or other applicable law.
(d) Matters that may be resolved by a nonjudicial settlement agreement include:
(1) the interpretation or construction of the terms of the trust;
(2) the approval 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; and
(6) liability of a trustee for an action relating to the trust.
(e) Any interested person may request a court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in § 28-73-301 et seq. was adequate, and to determine whether the agreement contains terms and conditions a court could have properly approved.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-111
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:28-73-111
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 85ec230d9b9400a9c4e3c9481c4fb2b4f812a1b2d4cc809061e23e865a372a6c
Source location: content.xml paragraph 12979
Stored source content
28-73-111. Nonjudicial settlement agreements.
(a) For purposes of this section, “interested persons” means 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 otherwise provided in subsection (c), interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
(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 chapter or other applicable law.
(d) Matters that may be resolved by a nonjudicial settlement agreement include:
(1) the interpretation or construction of the terms of the trust;
(2) the approval 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; and
(6) liability of a trustee for an action relating to the trust.
(e) Any interested person may request a court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in § 28-73-301 et seq. was adequate, and to determine whether the agreement contains terms and conditions a court could have properly approved.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-301. Representation — Basic effect.
(a) Notice to a person who may represent and bind another person under this subchapter has the same effect as if notice were given directly to the other person.
(b) The consent of a person who may represent and bind another person under this subchapter is binding on the person represented unless the person represented objects to the representation before the consent would otherwise have become effective.
(c) Except as otherwise provided in §§ 28-73-411 and 28-73-602, a person who under this subchapter may represent a settlor who lacks capacity may receive notice and give a binding consent on the settlor's behalf.
(d) A settlor may not represent and bind a beneficiary under this subchapter with respect to the termination or modification of a trust under § 28-73-411(a).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-301
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 28-73-301. This identifies an authority to review, not proof of applicability.