C.R.S. Section 15-1.5-111
Exemption of third persons from liability

(1)

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:

(a)

The validity of the purported custodial trustee’s designation;

(b)

The propriety of, or the authority under this article for, any action of the purported custodial trustee;

(c)

The validity or propriety of an instrument executed or instruction given pursuant to this article either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or

(d)

The propriety of the application of property vested in the purported custodial trustee.

Source: Section 15-1.5-111 — Exemption of third persons from liability, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-15.­pdf (accessed Oct. 20, 2023).

Green check means up to date. Up to date

Current through Fall 2024

§ 15-1.5-111’s source at colorado​.gov