Definition of good faith In this subchapter, payment or delivery of property is made in good faith if a holder:(1) 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 chapter; or (2) made payment or delivery:(A) in response to a demand by the Administrator or Administrator’s agent; or(B) under a guidance or ruling issued by the Administrator that the holder reasonably believed required or permitted the property to be paid or delivered. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
Vermont Legal Code