A third person in good faith and without court order may act on the instructions of or otherwise deal with a person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining

     (1) the validity of the purported custodian’s designation;

     (2) the propriety of, or the authority under this chapter for, an act of the purported custodian;

     (3) the validity or propriety under this chapter of an instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or

     (4) the propriety of the application of property of the minor delivered to the purported custodian.