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§ 15-1.5-111. Exemption of third persons from liability

CO Rev Stat § 15-1.5-111 (2018) (N/A)
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(1) 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:

(a) The validity of the purported custodial trustee's designation;

(b) The propriety of, or the authority under this article for, any action of the purported custodial trustee;

(c) The validity or propriety of an instrument executed or instruction given pursuant to this article either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or

(d) The propriety of the application of property vested in the purported custodial trustee.

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