55-34.11 - Exemption of third person from liability. - Virginia Statutes

§ 55-34.11. Exemption of third person from liability.

A third person in good faith and without a court order may act oninstructions of, or otherwise deal with, a person purporting to make atransfer as, or purporting to act in the capacity of, a custodial trustee.In the absence of knowledge to the contrary, the third person is notresponsible for determining (i) the validity of the purported custodialtrustee's designation, (ii) the propriety of, or the authority under thischapter for, any action of the purported custodial trustee, (iii) thevalidity or propriety of an instrument executed or instruction given pursuantto this chapter either by the person purporting to make a transfer ordeclaration or by the purported custodial trustee, or (iv) the propriety ofthe application of property vested in the purported custodial trustee.

(1990, c. 264.)