Section 7-6.16. Exemption of third person from liability

A  third  person  in good faith and without court order may act on the
  instructions of or otherwise deal with any 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:
    (a) the validity of the purported custodian's designation;
    (b) the propriety of, or the authority under this part for, any act of
  the purported custodian;
    (c)  the  validity  or  propriety under this part of any instrument or
  instructions executed or given either by the person purporting to make a
  transfer or by the purported custodian; or
    (d) the propriety of the application of  any  property  of  the  minor
  delivered to the purported custodian.