Neither the State Treasurer nor any transfer agent, administrator, bank, broker, or other financial institution acting on the instructions of or otherwise dealing with any person purporting to act as a contributor, beneficiary, or account owner is responsible for determining the following: (1) whether the contributor, beneficiary, account owner, or person purporting to act as such has been duly designated; (2) whether any purchase, sale, transfer, or other action to or by a person purporting to act in the capacity of an account owner is in accordance with or authorized by this chapter; or (3) the validity or propriety under this chapter of any instrument or instructions executed or given by a person purporting to act as a contributor, beneficiary, or account owner.
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