404.600. A third person, including an issuer of securities,transfer agent, financial institution, broker, life insurancecompany, benefit plan, personal representative or trustee, ingood faith and without court order, may act on the instructionsof or otherwise deal with any person purporting to make atransfer under sections 404.400 to 404.650 or purporting to actin the capacity of a personal custodian, successor personalcustodian or legal representative of a personal custodian and, inthe absence of actual knowledge, is not responsible fordetermining:
(1) The validity of the purported personal custodian's orsuccessor personal custodian's designation;
(2) The propriety of, or the authority under sections404.400 to 404.650 or under a contract between the beneficiaryand personal custodian for, any act of the purported personalcustodian;
(3) The validity or propriety under sections 404.400 to404.650 of any instrument or instructions executed or given bythe person purporting to make a transfer under sections 404.400to 404.650 or by the purported personal custodian;
(4) The propriety of the application or use of any custodialproperty by the personal custodian;
(5) The validity of a delivery of custodial property by apersonal custodian or legal representative of a personalcustodian to a successor personal custodian;
(6) The validity of a delivery of custodial property by thepersonal custodian to the beneficiary or whether the beneficiaryis incapacitated at the time of the delivery; or
(7) Whether the beneficiary is under any legal disability orincapacity at the time or subsequent to when any act is performedby or for the beneficiary with respect to the personalcustodianship.
404.600. A third person, including an issuer of securities,transfer agent, financial institution, broker, life insurancecompany, benefit plan, personal representative or trustee, ingood faith and without court order, may act on the instructionsof or otherwise deal with any person purporting to make atransfer under sections 404.400 to 404.650 or purporting to actin the capacity of a personal custodian, successor personalcustodian or legal representative of a personal custodian and, inthe absence of actual knowledge, is not responsible fordetermining:
(1) The validity of the purported personal custodian's orsuccessor personal custodian's designation;
(2) The propriety of, or the authority under sections404.400 to 404.650 or under a contract between the beneficiaryand personal custodian for, any act of the purported personalcustodian;
(3) The validity or propriety under sections 404.400 to404.650 of any instrument or instructions executed or given bythe person purporting to make a transfer under sections 404.400to 404.650 or by the purported personal custodian;
(4) The propriety of the application or use of any custodialproperty by the personal custodian;
(5) The validity of a delivery of custodial property by apersonal custodian or legal representative of a personalcustodian to a successor personal custodian;
(6) The validity of a delivery of custodial property by thepersonal custodian to the beneficiary or whether the beneficiaryis incapacitated at the time of the delivery; or
(7) Whether the beneficiary is under any legal disability orincapacity at the time or subsequent to when any act is performedby or for the beneficiary with respect to the personalcustodianship.
404.600. A third person, including an issuer of securities,transfer agent, financial institution, broker, life insurancecompany, benefit plan, personal representative or trustee, ingood faith and without court order, may act on the instructionsof or otherwise deal with any person purporting to make atransfer under sections 404.400 to 404.650 or purporting to actin the capacity of a personal custodian, successor personalcustodian or legal representative of a personal custodian and, inthe absence of actual knowledge, is not responsible fordetermining:
(1) The validity of the purported personal custodian's orsuccessor personal custodian's designation;
(2) The propriety of, or the authority under sections404.400 to 404.650 or under a contract between the beneficiaryand personal custodian for, any act of the purported personalcustodian;
(3) The validity or propriety under sections 404.400 to404.650 of any instrument or instructions executed or given bythe person purporting to make a transfer under sections 404.400to 404.650 or by the purported personal custodian;
(4) The propriety of the application or use of any custodialproperty by the personal custodian;
(5) The validity of a delivery of custodial property by apersonal custodian or legal representative of a personalcustodian to a successor personal custodian;
(6) The validity of a delivery of custodial property by thepersonal custodian to the beneficiary or whether the beneficiaryis incapacitated at the time of the delivery; or
(7) Whether the beneficiary is under any legal disability orincapacity at the time or subsequent to when any act is performedby or for the beneficiary with respect to the personalcustodianship.
