Effect of approval of agreements involving trusts,

inalienable interests or interests of third persons. A. A compromise of any controversy is binding on all the parties thereto as to any lawful matter involving the estate. Matters that may be resolved by the compromise include: (1) admission to probate of any instrument offered for formal probate as the will of a decedent; (2) the construction, validity or effect of any governing instrument; (3) the rights or interests in the estate of the decedent; (4) the rights or interests of any successor; and (5) the administration of the estate, if approved in a formal proceeding in the district court for that purpose. B. A court-approved compromise is binding even though it may affect a trust or an inalienable interest. A compromise does not impair the rights of creditors or of taxing authorities that are not parties to it. History: 1953 Comp., § 32A-3-1101, enacted by Laws 1975, ch. 257, § 3-1101; 1995, ch. 210, § 46; 2016, ch. 69, § 721.