N.Y. Est. Powers & Trusts Law § 7-6.16

§ 7-6.16 Exemption of third person from liability\n A third person in good faith and without court order may act on the\ninstructions of or otherwise deal with any person purporting to make a\ntransfer or purporting to act in the capacity of a custodian and, in the\nabsence of knowledge, is not responsible for determining:\n (a) the validity of the purported custodian's designation;\n (b) the propriety of, or the authority under this part for, any act of\nthe purported custodian;\n (c) the validity or propriety under this part of any instrument or\ninstructions executed or given either by the person purporting to make a\ntransfer or by the purported custodian; or\n (d) the propriety of the application of any property of the minor\ndelivered to the purported custodian.\n