(1) For purposes of this section, “interested persons” means any settlor of a trust who is living, all beneficiaries of the trust who have an interest in the subject of the agreement, any acting trustee of the trust, and the Attorney General if the trust is a charitable trust subject to the enforcement or supervisory powers of the state or the Attorney General under the provisions of ORS 128.610 to 128.750.
(2) Except as otherwise provided in subsection (3) of this section, interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
(3) A nonjudicial settlement agreement is valid only to the extent the agreement 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.
(4) Matters that may be resolved by a nonjudicial settlement agreement include:
(a) The interpretation or construction of the terms of the trust or other writings that affect the trust.
(b) The approval of a trustee’s report or accounting.
(c) Direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power.
(d) The resignation or appointment of a trustee and the determination of a trustee’s compensation.
(e) Transfer of a trust’s principal place of administration.
(f) Liability of a trustee for an action or failure to act relating to the trust.
(g) Determining classes of creditors, beneficiaries, heirs, next of kin or other persons.
(h) Resolving disputes arising out of the administration or distribution of the trust.
(5) Any interested person may petition the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in ORS 130.100 to 130.120 was adequate and to determine whether the agreement contains terms and conditions the court could have properly approved.
(6) Modification or termination of an irrevocable trust by nonjudicial settlement agreement is governed by ORS 130.200. [2005 c.348 §11]
Section: Previous 130.015 130.020 130.022 130.025 130.030 130.035 130.040 130.045 130.050 130.055 130.060 130.065 130.100 130.105 130.110 NextLast modified: August 7, 2008