Liability of third person for dealings with person purporting to act in capacity of custodian

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: (1) The validity of the purported custodian’s designation; (2) The propriety of, or the authority under this article for, any act of the purported custodian; (3) The validity or propriety under this article of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or (4) The propriety of the application of any property of the minor delivered to the purported custodian. (Code 1981, § 44-5-126, enacted by Ga. L. 1990, p. 667, § 1.)