75B-3-107. Limitations on trust director.
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Effective 5/6/2026
75B-3-107. Limitations on trust director.
(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 .
Amended by Chapter 112 , 2026 General Session