[§554B-11]  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, and,
in the absence of knowledge to the contrary, 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 under this chapter of
any instrument or instruction executed or given either by the person purporting
to make a transfer or by the purported custodial trustee; or



(4)  The propriety of the application of any property
delivered to the purported custodial trustee. [L 1989, c 76, pt of §1]