A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining:
(1) the validity of the purported custodial trustee's designation;
(2) the propriety of, or the authority under this subchapter for, any action of the purported custodial trustee;
(3) the validity or propriety of an instrument executed or instruction given pursuant to this subchapter either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or
(4) the propriety of the application of property vested in the purported custodial trustee.
Section: Previous 28-72-404 28-72-405 28-72-406 28-72-407 28-72-408 28-72-409 28-72-410 28-72-411 28-72-412 28-72-413 28-72-414 28-72-415 28-72-416 28-72-417 28-72-418 NextLast modified: November 15, 2016