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.
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