A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:
A. the validity of the purported custodian's designation;
B. the propriety of, or the authority under the Uniform Transfers to Minors Act, for any act of the purported custodian;
C. the validity or propriety under that act of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or
D. the propriety of the application of any property of the minor delivered to the purported custodian.
History: Laws 1989, ch. 357, § 17.
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