Idaho § 68-1311 EXEMPTION OF THIRD PERSON FROM LIABILITY

Idaho Statutes

§ 68-1311 — EXEMPTION OF THIRD PERSON FROM LIABILITY

Idaho·Title 68 TRUSTS AND FIDUCIARIES·Ch. 13 IDAHO UNIFORM CUSTODIAL TRUST ACT

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 this chapter for, any action of the purported custodial trustee;

(3)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

(4)The propriety of the application of property vested in the purported custodial trustee.

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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 this chapter for, any action of the purported custodial trustee;
(3) 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
(4) The propriety of the application of property vested in the purported custodial trustee.

Idaho § 68-1311 (EXEMPTION OF THIRD PERSON FROM LIABILITY) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.