45-7-512. Exemption of third person from liability.
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/nm/chapter-45-uniform-probate-code/article-7-trust-administration/45-7-512·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 is not responsible for determining:
A. the validity of the purported custodial trustee's designation;
B. the propriety of, or the authority under the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] for, any action of the purported custodial trustee;
C. the validity or propriety of an instrument executed or instruction given pursuant to the Uniform Custodial Trust Act either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or
D. the propriety of the application of property vested in the purported custodial trustee.
History: 1978 Comp., § 45-7-512, enacted by Laws 1992, ch. 66, § 59.