DEFINITION OF "GOOD FAITH."

14-5-601. DEFINITION OF "GOOD FAITH." For the purposes of this part, 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.