On payment or delivery of property to the administrator under this article 13, the administrator as agent for the state assumes custody and responsibility for the safekeeping of the property. A holder that pays or delivers property to the administrator in good faith and that substantially complies with sections 38-13-501 and 38-13-502 is relieved of liability arising thereafter with respect to payment or delivery of the property to the administrator.
C.R.S. § 38-13-604