Section 38-13-601 - Definition of good faith

(1) In this part 6, payment or delivery of property is made in good faith if a holder: (a) Had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered to the administrator under this article 13; or(b) Made payment or delivery: (I) In response to a demand by the administrator or administrator's agent; or(II) Under a guidance or ruling issued by the administrator that the holder reasonably believed required or permitted the property to be paid or delivered.Entire article repealed and reenacted with amendments by 2019 Ch. 110, § 1, eff. 7/1/2020.L. 2019: Entire article R&RE, (SB 19 -088), ch. 431, p. 431, § 1, effective 7/1/2020.