28-72-411. Exemption of third person from liability.

Arkansas Code — all titles (historical 2020) · legal_authorities

28-72-411. Exemption of third person from liability.

28-72-411. Exemption of third person from liability. 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 subchapter for, any action of the purported custodial trustee; (3) the validity or propriety of an instrument executed or instruction given pursuant to this subchapter 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.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-411

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.