1. (a) A claim based on:

   1. (1) a contract entered into by a custodial trustee acting in a fiduciary capacity;
   2. (2) an obligation arising from the ownership or control of custodial trust property; or

   3. (3) a tort committed in the course of administering the custodial trust;

      may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.

2. (b) A custodial trustee is not personally liable to a third person on a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to:

   1. (1) reveal that capacity; or
   2. (2) identify the custodial trust in the contract.

3. (c) Unless a custodial trustee is personally at fault, a custodial trustee is not liable to a third person for:

   1. (1) an obligation arising from control of custodial trust property; or
   2. (2) a tort committed in the course of the administration of the custodial trust.

4. (d) A beneficiary is not personally liable to a third person for:

   1. (1) an obligation arising from beneficial ownership of custodial trust property; or

   2. (2) a tort committed in the course of administration of the custodial trust;

      unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.

5. (e) Subsections (b) and (c) do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.

As added by P.L.3-2003, SEC.1.