1. Except as otherwise provided in this section, a settlement agreement entered into by all indispensable parties, as described in subsection 1 of NRS 164.942 is enforceable with respect to the administration of a trust without approval by the court, as defined in NRS 132.116 . 2. A nonjudicial settlement agreement is void to the extent it violates a material purpose of the trust and to the extent it includes terms and conditions that could not be properly approved by the court, as defined in NRS 132.116 , under the law governing the trust instrument. 3. Matters that may be resolved by a nonjudicial settlement agreement include, without limitation: (a) The investment or use of trust assets; (b) The lending or borrowing of money; (c) The addition, deletion or modification of a term or condition of the trust; (d) The interpretation or construction of a term of the trust; (e) The designation or transfer of the principal place of administration of the trust; (f) The approval of a trustees report or accounting; (g) The choice of law governing the construction of the trust instrument or administration of the trust, or both; (h) Direction to a trustee to perform or refrain from performing a particular act; (i) The granting of any necessary or desirable power to a trustee; (j) The resignation or appointment of a trustee and the determination of a trustees compensation; (k) The merger or division of trusts; (l) The granting of approval or authority, for a trustee to make charitable gifts from a noncharitable trust; (m) The transfer of a trusts principal place of administration; (n) Negating the liability of a trustee for an action relating to the trust and providing indemnification therefor; and (o) The termination of the trust.
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