46:38A-38 - Exemption of third person from liability - New Jersey Statutes

46:38A-38.   Exemption of third person from liability
    A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:

   a.   The validity of the purported custodian's designation;

   b.   The propriety of, or the authority under this chapter for, any act of the purported custodian;

   c.   The validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or

   d.   The propriety of the application of any property of the minor delivered to the purported custodian.

   L. 1987, c. 18, s. 1.