Connecticut General Statutes 45a-499k – Nonjudicial settlement agreements
(a) For the 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.
Terms Used In Connecticut General Statutes 45a-499k
- Court: means a court of this state having jurisdiction over the matter pursuant to sections 45a-499o and 45a-499p or a court of another state having jurisdiction under the law of the other state. See Connecticut General Statutes 45a-499c
- Inter vivos: Transfer of property from one living person to another living person.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Person: means an individual, corporation, statutory or business trust, estate, trust, partnership, limited liability company, association, joint venture, court, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. See Connecticut General Statutes 45a-499c
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c
(b) Except as provided in subsections (c) and (e) of this section, interested persons may enter into a binding, nonjudicial settlement agreement with respect to any matter involving an inter vivos 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 sections 45a-487j to 45a-487t, inclusive, and 45a-499a to 45a-500s, inclusive, 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) A nonjudicial settlement agreement may not modify or terminate an irrevocable trust. Such a modification or termination may be accomplished only under the provisions of sections 45a-499dd to 45a-499kk, inclusive.
(f) An interested person may request the court to approve a nonjudicial settlement agreement to determine whether the representation provided pursuant to sections 45a-499q to 45a-499u, inclusive, was adequate and to determine whether the agreement contains terms and conditions the court could have properly approved.