14-3952. Procedure for securing court approval
of compromise
The procedure for securing court approval of a compromise is as follows:
1. The terms of the compromise shall be set forth in an agreement in writing which
shall be executed by all competent persons and parents acting for any minor child having
beneficial interests or having claims which will or may be affected by the
compromise. Execution is not required by any person whose identity cannot be ascertained
or whose whereabouts is unknown and cannot reasonably be ascertained.
2. Any interested person, including the personal representative or a trustee, then
may submit the agreement to the court for its approval and for execution by the personal
representative, the trustee of every affected testamentary trust and other fiduciaries
and representatives.
3. After notice to all interested persons or their representatives, including the
personal representative of the estate and all affected trustees of trusts, the court, if
it finds that the contest or controversy is in good faith and that the effect of the
agreement upon the interests of persons represented by fiduciaries or other
representatives is just and reasonable, shall make an order approving the agreement and
directing all fiduciaries under its supervision to execute the agreement. Minor children
represented only by their parents may be bound only if their parents join with other
competent persons in execution of the compromise. Upon the making of the order and the
execution of the agreement, all further disposition of the estate is in accordance with
the terms of the agreement.
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