                                 CODE OF VIRGINIA

NONJUDICIAL SETTLEMENT AGREEMENTS (§ 64.2-709)

A. For purposes of this section, &#8220;interested persons&#8221; 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&#8217;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&#8217;s compensation;

   5. Transfer of a trust&#8217;s principal place of administration; and

   6. Liability of a trustee for an action relating to the trust.

E. Any interested person may petition the court to approve a nonjudicial
settlement agreement, to determine whether the representation as provided in
Article 3 (&#xA7; 64.2-714 et seq.) was adequate, and to determine whether the
agreement contains terms and conditions the court could have properly approved.

HISTORY: 2005, c. 935, § 55-541.11; 2012, c. 614.