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 Paragraph (1) of Subsection B of Section 6 [46-14-6 NMSA 1978] of the Uniform Directed Trust Act regarding:
A. a payback provision in the terms of the trust necessary to comply with the reimbursement requirements of medicaid law in Section 1917 of the Social Security Act, 42 U.S.C. Section 1396p(d)(4)(A), as amended, and regulations issued thereunder, as amended; and
B. a charitable interest in the trust, including notice regarding the interest to the attorney general.
History: Laws 2018, ch. 63, § 7.
Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 7 effective January 1, 2019.
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