Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
529.10 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 sections 529.01 to 529.19 for, any action of the
purported custodial trustee;
(3) the validity or propriety of an instrument executed or instruction given pursuant to
sections 529.01 to 529.19 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.
History: 1990 c 476 s 10
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 sections 529.01 to 529.19 for, any action of the
purported custodial trustee;
(3) the validity or propriety of an instrument executed or instruction given pursuant to
sections 529.01 to 529.19 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.
History: 1990 c 476 s 10
Official Publication of the State of Minnesota
Revisor of Statutes