Legislation
SECTION 7-6.16
Exemption of third person from liability
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 7, PART 6
§ 7-6.16 Exemption of third person from liability
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 this part for, any act of
the purported custodian;
(c) the validity or propriety under this part 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.
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 this part for, any act of
the purported custodian;
(c) the validity or propriety under this part 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.