Nonjudicial settlement agreements: Enforceability; when void; matters that may be resolved.

NRS

164.940

Nonjudicial settlement agreements: Enforceability; when void; matters that may be resolved.

1. Except as otherwise provided in this section, a settlement agreement entered into by all indispensable parties, as described in subsection 1 of NRS 164.942 is enforceable with respect to the administration of a trust without approval by the court, as defined in NRS 132.116 .

2. A nonjudicial settlement agreement is void to the extent it violates a material purpose of the trust and to the extent it includes terms and conditions that could not be properly approved by the court, as defined in NRS 132.116 , under the law governing the trust instrument.

3. Matters that may be resolved by a nonjudicial settlement agreement include, without limitation:

(a) The investment or use of trust assets;

(b) The lending or borrowing of money;

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

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

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

(f) The approval of a trustee’s report or accounting;

(g) The choice of law governing the construction of the trust instrument or administration of the trust, or both;

(h) Direction to a trustee to perform or refrain from performing a particular act;

(i) The granting of any necessary or desirable power to a trustee;

(j) The resignation or appointment of a trustee and the determination of a trustee’s compensation;

(k) The merger or division of trusts;

(l) The granting of approval or authority, for a trustee to make charitable gifts from a noncharitable trust;

(m) The transfer of a trust’s principal place of administration;

(n) Negating the liability of a trustee for an action relating to the trust and providing indemnification therefor; and

(o) The termination of the trust.

(Added to NRS by 2015, 3550 )