54.970 Exemption of 3rd person from liability. A 3rd 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 3rd person is not responsible for determining any of the following:
(1) The validity of the purported custodial trustee's designation.
(2) The propriety of, or the authority under this subchapter for, any action of the purported custodial trustee.
(3) The validity or propriety of an instrument executed or instruction given pursuant to this subchapter either by the person purporting to make a transfer or declaration or by the purported custodial trustee.
(4) The propriety of the application of property vested in the purported custodial trustee.
History: 1991 a. 246; 2005 a. 253; 2005 a. 387 s. 564; Stats. 2005 s. 54.970.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 54 - Guardianships and conservatorships.
54.10 - Appointment of guardian.
54.12 - Exceptions to appointment of guardian.
54.15 - Selection of guardian; nominations; preferences; other criteria.
54.18 - General duties and powers of guardian; limitations; immunity.
54.19 - Duties of guardian of the estate.
54.20 - Powers of guardian of the estate.
54.21 - Petition to transfer ward's assets to another.
54.22 - Petition for authority to sell, mortgage, pledge, lease, or exchange ward's property.
54.25 - Duties and powers of guardian of the person.
54.26 - Guardian training requirements.
54.30 - Jurisdiction and venue.
54.34 - Petition for guardianship or for receipt and acceptance of a foreign guardianship.
54.36 - Examination of proposed ward.
54.40 - Guardian ad litem; appointment; duties; termination.
54.42 - Rights of proposed ward or ward.
54.46 - Disposition of petition.
54.47 - Lis pendens, void contracts.
54.48 - Protective placement and protective services.
54.50 - Temporary guardianships.
54.625 - Transfer of guardianship funds of a Menominee.
54.63 - Expansion of order of guardianship; procedure.
54.64 - Review of incompetency and termination of guardianship.
54.68 - Review of conduct of guardian.
54.72 - Guardian compensation and reimbursement.
54.74 - Compensation of guardian ad litem.
54.75 - Access to court records.
54.76 - Conservator; appointment; duties and powers; termination.
54.852 - United States uniform veterans guardianship act.
54.854 - Uniform transfers to minors act; definitions.
54.856 - Scope and jurisdiction.
54.858 - Nomination of custodian.
54.860 - Transfer by gift or exercise of power of appointment.
54.862 - Transfer authorized by will or trust.
54.864 - Other transfer by fiduciary.
54.868 - Receipt for custodial property.
54.872 - Single custodianship.
54.874 - Validity and effect of transfer.
54.876 - Care of custodial property.
54.880 - Use of custodial property.
54.882 - Custodian's expenses, compensation and bond.
54.884 - Exemption of 3rd person from liability.
54.886 - Liability to 3rd persons.
54.890 - Accounting by and determination of liability of custodian.
54.892 - Termination of custodianship.
54.896 - Effect on existing custodianships.
54.898 - Uniformity of application and construction.
54.92 - Uniform securities ownership by minors act.
54.93 - Securities ownership by incompetents and spendthrifts.
54.952 - Custodial trust; general.
54.954 - Custodial trustee for future payment or transfer.
54.956 - Form and effect of receipt and acceptance by custodial trustee, jurisdiction.
54.958 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.
54.960 - Multiple beneficiaries; separate custodial trusts; survivorship.
54.962 - General duties of custodial trustee.
54.964 - General powers of custodial trustee.
54.966 - Use of custodial trust property.
54.968 - Determination of incapacity; effect.
54.970 - Exemption of 3rd person from liability.
54.972 - Liability to 3rd person.
54.976 - Expenses, compensation and bond of custodial trustee.
54.980 - Limitations of action against custodial trustee.
54.982 - Distribution on termination.