(1) A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under Subsection 75B-3-106(2)(a) regarding: (a) a payback provision in the terms of a trust necessary to comply with the Medicaid reimbursement requirements in Section 1917 of the Social Security Act, 42 U.S.C. Sec. 1396p(d)(4)(A), as amended, and any related regulations; and (b) a charitable interest in the trust, including notice regarding the interest to the attorney general. (2) A trust director may not engage in trust business, as that term is defined in Section 7-5-101.
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