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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, 2020 | 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, 2020 | https://codes.findlaw.com/nc/chapter-33b-north-carolina-uniform-custodial-trust-act/nc-gen-st-sect-33b-11/

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

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.

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