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