456.1-111.  Nonjudicial settlement agreements. — 1.  In this section, "interested persons" means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court.

  2.  Except as otherwise provided in subsection 3 and 6 of this section, interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.

  3.  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 sections 456.1-101 to 456.11-1106 or other applicable law.

  4.  Matters that may be resolved by a nonjudicial settlement agreement include:

  (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; and

  (6)  liability of a trustee for an action relating to the trust.

  5.  Any interested person may request the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in sections 456.3-301 to 456.3-305 was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved.

  6.  A nonjudicial settlement agreement may not be used to terminate or modify a trust for the reasons that a court could terminate or modify a trust as set forth in subsection 1 of section 456.4-411B.