N.C. Gen. Stat. § 33B-11
Third-party transactions
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
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 to act in the capacity of, a custodial trustee. In the absence of actual knowledge to the contrary, the third person is not responsible for determining:
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 to act in the capacity of, a custodial trustee. In the absence of actual knowledge to the contrary, the third person is not responsible for determining:
(1) The validity of the purported custodial trustee's designation;
(1) The validity of the purported custodial trustee’s designation;
(2) The propriety of, or the authority under this act for, any action of the purported custodial trustee;
(2) The propriety of, or the authority under this act for, any action of the purported custodial trustee;
(3) The validity or propriety of an instrument executed or instruction given pursuant to this act either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or
(3) The validity or propriety of an instrument executed or instruction given pursuant to this act 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.
(4) The propriety of the application of property vested in the purported custodial trustee.
History
(1995, c. 486, s. 1.)
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.