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To agree, to approve, to arrange, to ascertain, to liquidate, or to reach an agreement.
Parties are said to settle an account when they examine its items and ascertain and agree upon the balance due from one to the other. When the person who owes money pays the balance, he or she is also said to settle it. A trust is settled when its terms are established and it goes into effect.
The term settle up is a colloquial rather than legal phrase that is applied to the final collection, adjustment, and distribution of the estate of a decedent, a bankrupt, or an insolvent corporation. It includes the processes of collecting the property, paying the debts and charges, and remitting the balance to those entitled to receive it.
v. to resolve a lawsuit without a final court judgment by negotiation between the parties, usually with the assistance of attorneys and/or insurance adjusters, and sometimes prodding by a judge. Most legal disputes are settled prior to trial. (See: settlement)
TO SETTLE. To adjust or ascertain to pay.
2. Two contracting parties are said to settle an account when they ascertain what is justly due by one to the other; when one pays the balance or debt due by him, he is said to settle such debt or balance. 11 Alab. R. 419