New Mexico Statutes
Part 5 - Custodial Trusts
Section 45-7-512 - Exemption of third person from liability.

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:
A. the validity of the purported custodial trustee's designation;
B. the propriety of, or the authority under the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] for, any action of the purported custodial trustee;
C. the validity or propriety of an instrument executed or instruction given pursuant to the Uniform Custodial Trust Act either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or
D. the propriety of the application of property vested in the purported custodial trustee.
History: 1978 Comp., § 45-7-512, enacted by Laws 1992, ch. 66, § 59.

Structure New Mexico Statutes

New Mexico Statutes

Chapter 45 - Uniform Probate Code

Article 7 - Trust Administration

Part 5 - Custodial Trusts

Section 45-7-501 - Short title.

Section 45-7-502 - Definitions.

Section 45-7-503 - Custodial trust; general.

Section 45-7-504 - Custodial trustee for future payment or transfer.

Section 45-7-505 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction.

Section 45-7-506 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.

Section 45-7-507 - Multiple beneficiaries; separate custodial trusts; survivorship.

Section 45-7-508 - General duties of custodial trustee.

Section 45-7-509 - General powers of custodial trustee.

Section 45-7-510 - Use of custodial trust property.

Section 45-7-511 - Determination of incapacity; effect.

Section 45-7-512 - Exemption of third person from liability.

Section 45-7-513 - Liability to third person.

Section 45-7-514 - Declination, resignation, incapacity, death or removal of custodial trustee; designation of successor custodial trustee.

Section 45-7-515 - Expenses, compensation and bond of custodial trustee.

Section 45-7-516 - Reporting and accounting by custodial trustee; determination of liability of custodial trustee.

Section 45-7-517 - Limitations of action against custodial trustee.

Section 45-7-518 - Distribution on termination.

Section 45-7-519 - Methods and forms for creating custodial trusts.

Section 45-7-520 - Applicable law.

Section 45-7-521 - Uniformity of application and construction.

Section 45-7-522 - Severability.