§ 33B-11. Third-party transactions. - North Carolina Statutes

§33B‑11.  Third‑party transactions.

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

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

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

(3)        The validity orpropriety of an instrument executed or instruction given pursuant to this acteither by the person purporting to make a transfer or declaration or by thepurported custodial trustee; or

(4)        The propriety of theapplication of property vested in the purported custodial trustee. (1995,c. 486, s. 1.)