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North Carolina General Statutes Chapter 33B. North Carolina Uniform Custodial Trust Act § 33B-11. Third-party transactions

Current as of January 01, 2023 | Updated by FindLaw Staff

A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or to act in the capacity of, a custodial trustee. In the absence of actual knowledge to the contrary, the third person is not responsible for determining:

(1) The validity of the purported custodial trustee's designation;

(2) The propriety of, or the authority under this act for, any action of the purported custodial trustee;

(3) The validity or propriety of an instrument executed or instruction given pursuant to this act either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or

(4) The propriety of the application of property vested in the purported custodial trustee.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 33B. North Carolina Uniform Custodial Trust Act § 33B-11. Third-party transactions - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-33b-north-carolina-uniform-custodial-trust-act/nc-gen-st-sect-33b-11.html

Read this complete North Carolina General Statutes Chapter 33B. North Carolina Uniform Custodial Trust Act § 33B-11. Third-party transactions on Westlaw. Westlaw subscription required.

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