West Virginia Code 44D-8A-807 – Limitations on trust director
Current as of: 2023 | Check for updates
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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 §44D-8A-806(b)(1) of this code regarding:
Terms Used In West Virginia Code 44D-8A-807
- Power of direction: means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. See West Virginia Code 44D-8A-802
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See West Virginia Code 44D-8A-802
- Trustee: A person or institution holding and administering property in trust.
(1) A payback provision in the terms of a trust necessary to comply with the reimbursement requirements of Medicaid law in Section 1917 of the Social Security Act, 42 U.S.C. § 1396p(d)(4)(A) and regulations issued thereunder; and
(2) A charitable interest in the trust, including notice regarding the interest to the Attorney General of the State of West Virginia.