38-1717. Exemption of third person from liability.
38-1717
38-1717. Exemption of third person from liability.A third person ingood faith and without court order may act on the instructions of orotherwise deal with any person purporting to make a transfer or purportingto act in the capacity of a custodian and, in the absence of knowledge, isnot responsible for determining:
(1) The validity of the purported custodian's designation;
(2) the propriety of, or the authority under this act for, any act ofthe purported custodian;
(3) the validity or propriety under this act of any instrument orinstructions executed or given either by the person purporting to make atransfer or by the purported custodian; or
(4) the propriety of the application of any property of the minordelivered to the purported custodian.
History: L. 1985, ch. 143, § 16; July 1.