33B-11. Third-party transactions.
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 to act in the capacity of, a custodial trustee. In the absence of actual 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 act for, any action of the purported custodial trustee;
(3) The validity or propriety of an instrument executed or instruction given pursuant to this act 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. (1995, c. 486, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 33B - North Carolina Uniform Custodial Trust Act
§ 33B-2 - Custodial trust; general.
§ 33B-3 - Custodial trust to begin in the future.
§ 33B-4 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
§ 33B-5 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.
§ 33B-6 - Single beneficiaries; separate custodial trusts.
§ 33B-7 - General duties of custodial trustee.
§ 33B-8 - General powers of custodial trustee.
§ 33B-9 - Use of custodial trust property.
§ 33B-10 - Determination of incapacity; effect.
§ 33B-11 - Third-party transactions.
§ 33B-12 - Liability to the third person.
§ 33B-14 - Expenses, compensation, and bond of custodial trustee.
§ 33B-16 - Limitations of action against custodial trustee.
§ 33B-17 - Distribution on termination.
§ 33B-18 - Methods and forms of creating custodial trusts.