34-13-129. Exemption of third persons from liability.
(a) 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 under this act or purporting to act in the capacity of a custodian and, in the absence of actual knowledge, is not responsible for determining:
(i) The validity of the purported custodian's designation;
(ii) The regularity of, or the authority under this act for, any act of the purported custodian;
(iii) The validity or propriety under this act of any instrument or instructions executed or given either by the person purporting to make a transfer under this act or by the purported custodian; or
(iv) The propriety of the application of any property of the minor delivered to the purported custodian.