A third person, including an issuer of securities, transfer agent, financial institution,
broker, life insurance company, benefit plan, personal representative or trustee,
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 sections 404.400 to 404.650 or purporting to act in the capacity of a personal custodian, successor personal
custodian or legal representative of a personal custodian and, in the absence of actual
knowledge, is not responsible for determining:
(1) The validity of the purported personal custodian's or successor personal custodian's
(2) The propriety of, or the authority under sections 404.400 to 404.650 or under a contract between the beneficiary and personal custodian for, any act of
the purported personal custodian;
(3) The validity or propriety under sections 404.400 to 404.650 of any instrument or instructions executed or given by the person purporting to make
a transfer under sections 404.400 to 404.650 or by the purported personal custodian;
(4) The propriety of the application or use of any custodial property by the personal
(5) The validity of a delivery of custodial property by a personal custodian or legal
representative of a personal custodian to a successor personal custodian;
(6) The validity of a delivery of custodial property by the personal custodian to
the beneficiary or whether the beneficiary is incapacitated at the time of the delivery;
(7) Whether the beneficiary is under any legal disability or incapacity at the time
or subsequent to when any act is performed by or for the beneficiary with respect
to the personal custodianship.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.