You might want to check into your state law which would clearly state the control ownership, survivorship, and access of the type of account. In the Texas law, the account is owned by the minor (beneficiary), but controlled by the custodian. The custodian is able to withdraw from the account, but all funds must be used for the benefit of the minor. So in my opinion, you could accept the deposit but the funds must be used for the benefit of the minor of course the depositary institution is NOT responsible for ensuring the custodian's proper use of the funds. Check with your state law.
Chiquita pero picosa.