Section 765 ILCS 1026/15-601 - Definition of good faithIn this Article, 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 Act; 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 which the holder reasonably believed required or permitted the property to be paid or delivered.Added by P.A. 100-0022,§ 15-601, eff. 1/1/2018.