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, and, in the absence of knowledge to the contrary, is not responsible for determining:

(1) The validity of the purported custodial trustee‘s designation;
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Terms Used In Hawaii Revised Statutes 554B-11

  • Court: means the circuit court of the State. See Hawaii Revised Statutes 554B-1
  • Custodial trustee: means a person designated as trustee of a custodial trust under this chapter and includes a substitute or successor custodial trustee. See Hawaii Revised Statutes 554B-1
  • Person: means an individual, corporation, organization, or other legal entity. See Hawaii Revised Statutes 554B-1
  • Trustee: A person or institution holding and administering property in trust.
(2) The propriety of, or the authority under this chapter for, any action of the purported custodial trustee;
(3) The validity or propriety under this chapter of any instrument or instruction executed or given either by the person purporting to make a transfer or by the purported custodial trustee; or
(4) The propriety of the application of any property delivered to the purported custodial trustee.

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