177.0601 Definition of good faith.
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/wi/chapter-177/177-0601-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
177.0601 Definition of good faith. In this subchapter, payment or delivery of property is made in good faith if any of the following applies:
(1)The holder 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.
(2)The holder made payment or delivery in response to a demand by the administrator or administrator’s agent or under guidance or a ruling issued by the administrator that the holder reasonably believed required or permitted the property to be paid or delivered.