Okla. Stat. tit. 60, § 60-1402

A. Except as otherwise provided in subsection B of this

section, the trustee and the qualified beneficiaries may enter into

a binding nonjudicial settlement agreement with respect to any

matter involving a trust.

B. 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 this act or other applicable law.

C. Matters that may be resolved by a nonjudicial settlement

agreement include, but are not limited to:

Oklahoma Statutes - Title 60. Property Page 286

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;

6. Liability of a trustee for an action relating to the trust;

7. The extent or waiver of bond of a trustee;

8. The governing law of the trust;

9. The criteria for distribution to a beneficiary where the

trustee is given discretion;

10. The resignation, appointment, and establishment of the

powers and duties of trust protectors or trust advisors; and

11. The approval of an investment decision, delegation, policy,

plan, or program.

D. Any qualified beneficiary or trustee may request the court

to approve a nonjudicial settlement agreement, to determine whether

the representation was adequate, and to determine whether the

agreement contains terms and conditions the court could have

properly approved.