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;
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Terms Used In Idaho Code 68-1311

  • Court: means the district court of this state. See Idaho Code 68-1301
  • Custodial trustee: means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. See Idaho Code 68-1301
  • Person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Idaho Code 68-1301
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Trustee: A person or institution holding and administering property in trust.
(2)  The propriety of, or the authority under this chapter for, any action of the purported custodial trustee;
(3)  The validity or propriety of an instrument executed or instruction given pursuant to this chapter 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.