N.Y. Estates, Powers & Trusts Law § 7-6.16: Exemption of third person from liability

§ 7-6.16 Exemption of third person from liability

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 this part for, any act of

the purported custodian;

(c) the validity or propriety under this part 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.