A third person in good faith and without court order may act on the instructions of or otherwise deal with a 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:
1. The validity of the purported custodian's designation.
2. The propriety of, or the authority under this article for, any act of the purported custodian.
3. The validity or propriety pursuant to this article of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian.
4. The propriety of the application of any property of the minor delivered to the purported custodian.