State Codes and Statutes

Statutes > West-virginia > 44 > 44-5-7

§44-5-7. Authority of fiduciaries to compound and compromise liabilities due to or from them.
It shall be lawful for any guardian, committee, or trustee, to compound and compromise any liability due to or from him, provided that such compounding and compromise be ratified and approved by a court of equity of competent jurisdiction, all parties in interest being before the court by proper process. When such compounding and compromise has been so ratified and approved, it shall be binding on all parties in interest before the court. It shall be lawful for any personal representative to compound and compromise any liability due to or from him, provided that compounding and compromise is ratified and approved by the fiduciary commissioner to whom the estate or trust has been referred, or by a commissioner in chancery when the estate of the decedent is being settled in a chancery suit, and is reported by the fiduciary commissioner to his court. When the report is confirmed, the compounding and compromise shall be binding on all parties to the proceedings.

State Codes and Statutes

Statutes > West-virginia > 44 > 44-5-7

§44-5-7. Authority of fiduciaries to compound and compromise liabilities due to or from them.
It shall be lawful for any guardian, committee, or trustee, to compound and compromise any liability due to or from him, provided that such compounding and compromise be ratified and approved by a court of equity of competent jurisdiction, all parties in interest being before the court by proper process. When such compounding and compromise has been so ratified and approved, it shall be binding on all parties in interest before the court. It shall be lawful for any personal representative to compound and compromise any liability due to or from him, provided that compounding and compromise is ratified and approved by the fiduciary commissioner to whom the estate or trust has been referred, or by a commissioner in chancery when the estate of the decedent is being settled in a chancery suit, and is reported by the fiduciary commissioner to his court. When the report is confirmed, the compounding and compromise shall be binding on all parties to the proceedings.


State Codes and Statutes

State Codes and Statutes

Statutes > West-virginia > 44 > 44-5-7

§44-5-7. Authority of fiduciaries to compound and compromise liabilities due to or from them.
It shall be lawful for any guardian, committee, or trustee, to compound and compromise any liability due to or from him, provided that such compounding and compromise be ratified and approved by a court of equity of competent jurisdiction, all parties in interest being before the court by proper process. When such compounding and compromise has been so ratified and approved, it shall be binding on all parties in interest before the court. It shall be lawful for any personal representative to compound and compromise any liability due to or from him, provided that compounding and compromise is ratified and approved by the fiduciary commissioner to whom the estate or trust has been referred, or by a commissioner in chancery when the estate of the decedent is being settled in a chancery suit, and is reported by the fiduciary commissioner to his court. When the report is confirmed, the compounding and compromise shall be binding on all parties to the proceedings.