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30-2-8.6-31. Reliance on person purporting to be custodial trustee

IN Code § 30-2-8.6-31 (2019) (N/A)
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Sec. 31. (a) A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to:

(1) make a transfer as; or

(2) act in the capacity of;

a custodial trustee.

(b) In the absence of knowledge to the contrary, a third person described in subsection (a) is not responsible for determining:

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

(2) the propriety of, or the authority under this chapter for, any action of the purported custodial trustee;

(3) the validity or propriety of an instrument executed or instruction given under this chapter by:

(A) the person purporting to make a transfer or declaration; or

(B) the purported custodial trustee; or

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

As added by P.L.3-2003, SEC.1.

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30-2-8.6-30. Administering custodial trust for incapacitated beneficiary
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30-2-8.6-32. Claim by third person against custodial trustee