68-1311. 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. In the absence of knowledge to the con-
trary, the third person 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 ac-
tion 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 pur-
ported custodial trustee.
[68-1311, added 1989, ch. 230, sec. 1, p. 553.]