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 this chapter for, any action of the purported custodial trustee;
3. The validity or propriety of an instrument executed or instruction given pursuant to this chapter 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.