Sec. 31. (a) A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to:
(1) make a transfer as; or
(2) act in the capacity of;
a custodial trustee.
(b) In the absence of knowledge to the contrary, a third person described in subsection (a) 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 action of the purported custodial trustee;
(3) the validity or propriety of an instrument executed or instruction given under this chapter by:
(A) the person purporting to make a transfer or declaration; or
(B) the purported custodial trustee; or
(4) the propriety of the application of property vested in the purported custodial trustee.
As added by P.L.3-2003, SEC.1.