                                 CODE OF VIRGINIA

EXEMPTION OF THIRD PERSON FROM LIABILITY (§ 64.2-910)

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
(i) the validity of the purported custodial trustee&#8217;s designation, (ii)
the propriety of, or the authority under this chapter for, any action of the
purported custodial trustee, (iii) 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 (iv) the propriety of the application of property vested in the
purported custodial trustee.

HISTORY: 1990, c. 264, § 55-34.11; 2012, c. 614.