67-4a-601. Definition of good faith.
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Effective 5/9/2017
67-4a-601. Definition of good faith.
In this chapter, 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.
Repealed and Re-enacted by Chapter 371 , 2017 General Session