Statute 166a 270

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 purporting to act in the capacity of, a custodial trustee. In the absence of 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 chapter for, any action of the purported custodial trustee; 3. The validity or propriety of an instrument executed or instruction given pursuant to this chapter 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. (Added to NRS by 2007, 289)