1.  A family trust company or licensed family trust company and an interested person may enter into a nonjudicial settlement agreement with respect to any matter involving the management, administration or interpretation of a trust that is managed pursuant to this chapter.

Terms Used In Nevada Revised Statutes 669A.233

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fiduciary: A trustee, executor, or administrator.
  • person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
  • 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.

2.  A nonjudicial settlement agreement that is entered into pursuant to this section must not contain:

(a) Terms that violate a material purpose of the trust; or

(b) Terms or conditions that could not be approved by a court.

3.  The matters that may be resolved by a nonjudicial settlement agreement which is entered into pursuant to this section include, without limitation:

(a) Those pertaining to any transaction or action authorized pursuant to paragraphs (a) to (m), inclusive, of subsection 1 of NRS 669A.225;

(b) The investment or use of trust assets;

(c) The lending or borrowing of money;

(d) The addition, deletion or modification of a term or condition of the trust;

(e) The interpretation or construction of a term or condition of the trust;

(f) The designation or transfer of the principal place of administration of the trust;

(g) The approval of a report or accounting that is provided pursuant to NRS 669A.255;

(h) Direction to a fiduciary to refrain from performing a particular act or the grant to a fiduciary of any necessary or desirable power;

(i) The resignation or appointment of a fiduciary;

(j) The liability of a fiduciary for an action related to the management of the trust; and

(k) The termination of the trust.

4.  After notice has been provided pursuant to NRS 669A.235, a family trust company or licensed family trust company or an interested person may petition a court to approve a nonjudicial settlement agreement, to determine whether the nonjudicial settlement agreement was accurately represented to each interested person or to determine whether the nonjudicial settlement agreement contains terms or conditions that the court could approve. A family trust company or licensed family trust company is not liable to an interested person for taking an action that is authorized by a nonjudicial settlement agreement which has been approved by a court.

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