Section 14-5-601 - DEFINITION OF "GOOD FAITH."For the purposes of this part, 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 by 2024 Session Laws, ch. 27,sec. 2, eff. 7/1/2024.