Section 117 – Exemption of third person from liability.

75-5a-117. 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 part for, any act of the purported custodian;

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

• (4) the propriety of the application of any property of the minor delivered to the purported custodian.

Enacted by Chapter 272, 1990 General Session