Nebraska Revised Statute 30-24,124

Chapter 30 Section 24,124

30-24,124.

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.

Source

  • Laws 1974, LB 354, § 202, UPC § 3-1102.

Annotations

  • Under subdivision (1) of this section, a settlement agreement made in open court on the record, agreed to by all of the parties to the litigation, and approved by the court is enforceable. In re Estate of Mithofer, 243 Neb. 722, 502 N.W.2d 454 (1993).

  • Under subdivision (3) of this section, once a compromise agreement is entered into and approved by the court, the disposition of the property in the estate is in accordance with the terms of the agreement. In re Estate of Marsh, 2 Neb. App. 649, 513 N.W.2d 35 (1994).