Sec. 7. 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 section 6(b)(1) of this chapter regarding:
(1) a payback provision in the terms of a trust necessary to comply with the reimbursement requirements under 42 U.S.C. 1396p(d)(4)(A); or
(2) a charitable interest in the trust, including notice regarding the interest to the attorney general under IC 30-4-6-6.