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 petition the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in Article 3 (§ 64.2-714 et seq.) was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved.
2005, c. 935, § 55-541.11; 2012, c. 614.