Section 46-7-27 - Exemption of third person from liability. - New Mexico Statutes

46-7-27. 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 the Uniform Transfers to Minors Act [46-7-11 to 46-7-34 NMSA 1978], for any act of the purported custodian;   

C.     the validity or propriety under that act 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.