§ 524.3-1101 — Effect of Approval of Agreements Involving Trusts, Inalienable Interests, or Interests of Third Persons
Plain-Language Summary
This section addresses the effect of a court-approved compromise (a settlement) of disputes about an estate, such as whether a will should be admitted to probate, what a probated will means or whether it is valid, who has rights in the estate, or how the estate is administered. When the court approves such a compromise in a formal proceeding held for that purpose, the settlement is binding on all the parties to it, including people who are unborn, unidentified, or could not be located. An approved compromise is binding even if it affects a trust or an interest that normally cannot be transferred.
524.3-1101 EFFECT OF APPROVAL OF AGREEMENTS INVOLVING TRUSTS, INALIENABLE INTERESTS, OR INTERESTS OF THIRD PERSONS.
A compromise of any controversy as to admission to probate of any instrument offered for formal probate as the will of a decedent, the construction, validity, or effect of any probated will, the rights or interests in the estate of the decedent, of any successor, or the administration of the estate, if approved in a formal proceeding in the court for that purpose, is binding on all the parties thereto including those unborn, unascertained or who could not be located. An approved compromise is binding even though it may affect a trust or an inalienable interest.
History:
1974 c 442 art 3 s 524.3-1101; 1975 c 347 s 68
History: History: 1974 c 442 art 3 s 524.3-1101; 1975 c 347 s 68