(a) Petition. A fiduciary may petition a court to authorize or ratify a compromise or settlement of any claim or matter relating to a fiduciary estate.

(b) Venue. The petition shall be filed in the court that has already assumed jurisdiction over the administration of the fiduciary estate or, if jurisdiction has not been assumed (A) if the petitioner is a personal representative, in the court of the county where letters of administration were issued or (B) if the petitioner is not a personal representative, by petition in the court in the county in which the fiduciary resides, is regularly employed, or maintains a place of business.

(c) Notice. The petitioner shall mail by ordinary mail to those interested persons designated by the court a copy of the petition and a show cause order issued pursuant to Rule 10-104.

(d) Ratification. The court may authorize or ratify the proposed compromise or settlement, imposing any appropriate terms and conditions, if satisfied that the action is in the best interest of the estate.

Cross reference: For the authority of the Orphans' court to authorize the compromise of any claim by a personal representative or guardian against or in favor of the estate, see Code, Estates and Trusts Article, § 2-102; but see Code, Estates and Trusts Article, § 7-401 (h), eliminating the necessity for court approval. See Code, Estates and Trusts Article, § 15-102 (o), which allows a fiduciary to employ an attorney, but requires court approval for attorney's fees exceeding $50 in a fiduciary estate administered under court jurisdiction. See also Rule 2-202 (d), authorizing the court to appoint an attorney to represent a person under disability.

Source: This Rule is in part derived from former Rule V77 b 1, and is in part new.