Nevada Revised Statutes 166A.270 – 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:
Terms Used In Nevada Revised Statutes 166A.270
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Trustee: A person or institution holding and administering property in trust.
1. The validity of the purported custodial trustee’s designation;
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.