Sec. 15-601. Definition of good faith.
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/il/chapter-765/act-1026/15-601A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15-601. Definition of good faith. In 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.