b. Except as otherwise provided in Subsection c. of this Section or any other provision of this Chapter, interested persons may enter into a binding out-of-court settlement agreement for all matters relating to a trust. Out-of-court settlement agreements: Whereas prior to the adoption of the UTC NJ, many trust disputes were settled informally through an out-of-court agreement, the parties now have the explicit right to apply this transaction method. See N.J.S.A. § 3B:31-11. By eliminating costs and delays in judicial authorization, NJ UTC authorizes the use of out-of-court settlement agreements in the following scenarios: (1) Interpretation of the terms of a trust; (2) authorization of an agent`s account; (3) authorizing or limiting the actions of an agent; (4) authorisation to withdraw or appoint an agent; (5) transfer of the head office of a trust; and (6) determining the liability of an agent for an act related to a trust. dev-archerestatelaw.pantheonsite.io/hot-trends/the-new-jersey-uniform-trust-code-part-three-general-provisions-and-definitions-of-the-nj-utc-article-1-including-nonjudicial-agreements-article-1-representation-article-2-and-misce/ representation: The virtual representation of future interests in New Jersey was defined by court order prior to the adoption of the UTC NJ. The NJ UTC provisions on virtual representation are similar to the judicial rule, but they are more specific and extensive. The nature of the virtual representation remains the same (N.J.S.A. § 3B:31-13 (a) provides that the message to someone who represents and can bind another person has the same effect as if the notification were made directly to the other person. dev-archerestatelaw.pantheonsite.io/hot-trends/the-new-jersey-uniform-trust-code-part-three-general-provisions-and-definitions-of-the-nj-utc-article-1-including-nonjudicial-agreements-article-1-representation-article-2-and-misce/ e. Any interested person may apply to the Tribunal for approval of an out-of-court settlement agreement, to determine whether the representation provided for in Article 2(1) was appropriate and to determine whether the agreement contains conditions which the Tribunal could have duly approved. d.
Among the issues that can be resolved by an out-of-court settlement agreement are: although the UTC NJ came into force on July 17, 2016, it applies to trusts created before, on or after its entry into force. . . .