2011 ORS § 126.857¹
Third persons duties in dealing with custodian

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) The validity of the purported custodians designation;

(2) The propriety of, or the authority under ORS 126.805 (Definitions for ORS 126.805 to 126.886) to 126.886 (Short title) for, any act of the purported custodian;

(3) The validity or propriety under ORS 126.805 (Definitions for ORS 126.805 to 126.886) to 126.886 (Short title) of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or

(4) The propriety of the application of any property of the beneficiary delivered to the purported custodian. [1985 c.665 §17; 2005 c.349 §11]