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 (i) the validity of the purported custodial trustee's designation, (ii) the propriety of, or the authority under this chapter for, any action of the purported custodial trustee, (iii) 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 (iv) the propriety of the application of property vested in the purported custodial trustee.
1990, c. 264, § 55-34.11; 2012, c. 614.
Structure Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 9 - Uniform Custodial Trust Act
§ 64.2-901. Custodial trust; creation and termination; general provisions
§ 64.2-902. Custodial trustee for future payment or transfer
§ 64.2-903. Form and effect of receipt and acceptance by custodial trustee; jurisdiction
§ 64.2-904. Transfer to custodial trustee by fiduciary or obligor; facility of payment
§ 64.2-905. Multiple beneficiaries; separate custodial trusts; survivorship
§ 64.2-906. General duties of custodial trustee
§ 64.2-907. General powers of custodial trustee
§ 64.2-908. Use of custodial trust property
§ 64.2-909. Determination of incapacity; effect
§ 64.2-910. Exemption of third person from liability
§ 64.2-911. Liability to third person; exceptions
§ 64.2-913. Expenses, compensation, and bond of custodial trustee
§ 64.2-914. Reporting and accounting by custodial trustee; determination of liability
§ 64.2-915. Limitations of action against custodial trustee
§ 64.2-916. Distribution on termination