[§553A-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:



(1)  The validity of the purported custodian's
designation;



(2)  The propriety of, or the authority under this
chapter for, any act of the purported custodian;



(3)  The validity or propriety under this chapter of
any instrument or instructions executed or given either by the person
purporting to make a transfer or by the purported custodian; or



(4)  The propriety of the application of any property
of the minor delivered to the purported custodian. [L 1985, c 91, pt of §1]