A 3rd 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: [PL 1987, c. 734, §2 (NEW).]
1. Designation. The validity of the purported custodian's designation;
2. Authority to act. The propriety of, or the authority under this Act for, any act of the purported custodian;
3. Validity of instruments. The validity or propriety under this Act of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or
4. Application of property. The propriety of the application of any property of the minor delivered to the purported custodian.