Louisiana Revised Statutes 9:2260.11 – Exemption of third person from liability
Terms Used In Louisiana Revised Statutes 9:2260.11
- Court: means a court of competent jurisdiction. See Louisiana Revised Statutes 9:2260.1
- Custodial trustee: means a person designated as trustee of a custodial trust under this Chapter or a substitute or successor to the person designated. See Louisiana Revised Statutes 9:2260.1
- Person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Louisiana Revised Statutes 9:2260.1
- Trustee: A person or institution holding and administering property in trust.
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 any of the following:
(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.
(4) The propriety of the application of property vested in the purported custodial trustee.
Acts 1995, No. 655, §1, eff. Jan. 1, 1998.