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:

1. (1) The validity of the purported custodian's designation;
2. (2) The propriety of, or the authority under this article for, any act of the purported custodian;
3. (3) The validity or propriety under this article of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or
4. (4) The propriety of the application of any property of the minor delivered to the purported custodian.