Section 46-7-27 - Exemption of third person from liabilityA 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; orD. the propriety of the application of any property of the minor delivered to the purported custodian.Laws 1989, ch. 357, § 17.