Code · Kentucky · Chapter 393A — Revised uniform unclaimed property act

393A.310 Definition of good faith.

94 words·~1 min read·/ky/chapter-393a/393a-310

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In KRS 393A.310 to 393A.390, payment or delivery of property shall be 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 which the holder

reasonably believed required or permitted the property to be paid or delivered.