On the settlement of the account of a nontestamentary trustee, as defined in N.J.S. 3B:17-9, the court shall allow him the compensation as may have been agreed upon by the instrument creating the trust; and in the absence of any express provision concerning compensation, shall allow him commissions in accordance with this chapter.

      L.1981, c. 405, s. 3B:18-2, eff. May 1, 1982.

Terms Used In New Jersey Statutes 3B:18-2

  • 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.