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.
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