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 sections 529.01 to 529.19 for, any action of the purported custodial trustee;
(3) the validity or propriety of an instrument executed or instruction given pursuant to sections 529.01 to 529.19 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.
1990 c 476 s 10
Structure Minnesota Statutes
Chapters 524 - 532 — Probate; Property; Estates; Guardianships; Anatomical Gifts
Chapter 529 — Uniform Custodial Trust Act
Section 529.02 — Custodial Trust; General.
Section 529.03 — Custodial Trustee For Future Payment Or Transfer.
Section 529.04 — Form And Effect Of Receipt And Acceptance By Custodial Trustee, Jurisdiction.
Section 529.05 — Multiple Beneficiaries; Separate Custodial Trusts; Survivorship.
Section 529.06 — General Duties Of Custodial Trustee.
Section 529.07 — General Powers Of Custodial Trustee.
Section 529.08 — Use Of Custodial Trust Property.
Section 529.09 — Determination Of Incapacity; Effect.
Section 529.10 — Exemption Of Third Person From Liability.
Section 529.11 — Liability To Third Person.
Section 529.13 — Expenses, Compensation, And Bond Of Custodial Trustee.
Section 529.15 — Limitations Of Action Against Custodial Trustee.
Section 529.16 — Distribution On Termination.
Section 529.17 — Methods And Forms For Creating Custodial Trusts.