Section 59-2-150 - State Treasurer, others not responsible for determining specified informationNeither the State Treasurer nor any transfer agent, administrator, bank, broker, or other financial institution acting on the instructions of or otherwise dealing with any person purporting to act as a contributor, beneficiary, or account owner is responsible for determining the following:
(1) whether the contributor, beneficiary, account owner, or person purporting to act as such has been duly designated;(2) whether any purchase, sale, transfer, or other action to or by a person purporting to act in the capacity of an account owner is in accordance with or authorized by this chapter; or(3) the validity or propriety under this chapter of any instrument or instructions executed or given by a person purporting to act as a contributor, beneficiary, or account owner.2001 Act No. 72, Section 3(A).