Section 11: Third person dealing with one purporting to act as trustee
133 words·~1 min read·
/ma/part-ii/title-ii/chapter-203b/11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 11. 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 shall not be 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 of an instrument executed or instruction given pursuant to 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.