Section 13.60.100. Exemption of third person from liability.

A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person 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, an action of the purported custodial trustee;
        (3) the validity or propriety of an instrument executed or instruction given under this chapter either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or
        (4) the propriety of the application of property vested in the purported custodial trustee.

Notes

History

(Sec. 1 ch 10 SLA 1994)