Chapter 15 - § 15.24 • COMPROMISE OF CONTROVERSIES

• Jurisdiction: Colorado

§ 15.24 • COMPROMISE OF CONTROVERSIES

Under C.R.S. § 15-12-1101, the court has the authority to approve compromise of controversies if it determines that the compromise is entered into in good faith and is in the best interest of the parties. The consent of all affected parties is not required, and the compromise may affect third party interests, such as the interests of creditors and taxing authorities.

Another approach to adjusting or accommodating interests is found in C.R.S. § 15-12-912. This section allows competent successors to rearrange their distributive interests under a will or trust. Such agreement is subject to third party rights. For agreements among successors in the context of a will contest or will provisions, see § 34.3.

Where there is a question about possible transfer tax consequences of the private agreement...