2016 Colorado Revised Statutes
Title 15 - Probate, Trusts, and Fiduciaries
Fiduciary
Article 1.5 - Colorado Uniform Custodial Trust Act
§ 15-1.5-111. Exemption of third persons from liability
(1) 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:
(a) The validity of the purported custodial trustee's designation;
(b) The propriety of, or the authority under this article for, any action of the purported custodial trustee;
(c) The validity or propriety of an instrument executed or instruction given pursuant to this article either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or
(d) The propriety of the application of property vested in the purported custodial trustee.
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