Florida Statutes 736.0111 – Nonjudicial settlement agreements
Current as of: 2023 | Check for updates
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(1) For purposes of this section, the term “interested persons” means persons whose interest would be affected by a settlement agreement.
(2) Except as otherwise provided in subsection (3), interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
(3) A nonjudicial settlement agreement among the trustee and trust beneficiaries is valid only to the extent the terms and conditions could be properly approved by the court. A nonjudicial settlement may not be used to produce a result not authorized by other provisions of this code, including, but not limited to, terminating or modifying a trust in an impermissible manner.
(4) Matters that may be resolved by a nonjudicial settlement agreement include:
(a) The interpretation or construction of the terms of the trust.
Terms Used In Florida Statutes 736.0111
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- 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.
(b) The approval of a trustee’s report or accounting.
(c) The direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power.
(d) The resignation or appointment of a trustee and the determination of a trustee’s compensation.
(e) The transfer of a trust’s principal place of administration.
(f) The liability of a trustee for an action relating to the trust.
(5) Any interested person may request the court to approve or disapprove a nonjudicial settlement agreement.