2018 Tennessee Code
Title 35 - Fiduciaries and Trust Estates
Chapter 15 - Tennessee Uniform Trust Code
Part 1 - General Provisions and Definitions
§ 35-15-111. Nonjudicial settlement agreements.

Universal Citation: TN Code § 35-15-111 (2018)
  • (a) Except as otherwise provided in subsection (b), the trustee and the qualified beneficiaries may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.

  • (b) A nonjudicial settlement agreement is valid only to the extent it does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by the court under this chapter or other applicable law.

  • (c) Matters that may be resolved by a nonjudicial settlement agreement include, but are not limited to:

    • (1) The interpretation or construction of the terms of the trust;

    • (2) The approval of a trustee's report or accounting;

    • (3) Direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power;

    • (4) The resignation or appointment of a trustee and the determination of a trustee's compensation;

    • (5) Transfer of a trust's principal place of administration;

    • (6) Liability of a trustee for an action relating to the trust;

    • (7) The extent or waiver of bond of a trustee;

    • (8) The governing law of the trust; and

    • (9) The criteria for distribution to a beneficiary where the trustee is given discretion.

  • (d) Any qualified beneficiary or trustee may request the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in part 3 of this chapter was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved.

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