Sec. 1. (a) A person who in good faith deals with a guardian or person acting under a protective order is:
(1) protected as if the guardian or person acting under a protective order properly exercised the power; and
(2) not required to inquire into the existence of the power or the propriety of its exercise except as to restrictions endorsed on the letters.
(b) A person who deals with a guardian or person acting under a protective order in good faith is not bound to see to the proper application of amounts paid or property delivered to the guardian or person.
(c) The protection expressed in this section:
(1) extends to any procedural irregularity or jurisdictional defect occurring in proceedings under this article; and
(2) is not a substitution for but is in addition to any other applicable law, including the laws relating to commercial transactions and to simplifying transfers of securities by fiduciaries.