New Mexico § 46-7-27 Exemption of third person from liability

New Mexico Statutes

§ 46-7-27 — Exemption of third person from liability

New Mexico·Ch. 46 Fiduciaries and Trusts·Art. 7 Transfers to Minors

A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: A. the validity of the purported custodian's designation; B. the propriety of, or the authority under the Uniform Transfers to Minors Act, for any act of the purported custodian; C. the validity or propriety under that act of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or D. the propriety of the application of any property of the minor delivered to the purported custodian.

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A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: A. the validity of the purported custodian's designation; B. the propriety of, or the authority under the Uniform Transfers to Minors Act, for any act of the purported custodian; C. the validity or propriety under that act of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or D. the propriety of the application of any property of the minor delivered to the purported custodian.

New Mexico § 46-7-27 (Exemption of third person from liability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.