Virginia Code 64.2-1915: Exemption of third person from liability
A third person may act in good faith and without court order on the instruction 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 (i) the validity of the purported custodian’s designation, (ii) the propriety of, or the authority under this chapter for, any act of the purported custodian, (iii) the validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian, or (iv) the propriety of the application of any property of the minor delivered to the purported custodian.
Terms Used In Virginia Code 64.2-1915
- Court: means the circuit court having appropriate jurisdiction. See Virginia Code 64.2-1900
- Custodian: means a person so designated under § Virginia Code 64.2-1900
- Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
- Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
- Transfer: means a transaction that creates custodial property under § Virginia Code 64.2-1900
1988, c. 516, § 31-52; 2012, c. 614.