38-13-601. Definition of good faith

38-13-601. Definition of good faith. (1) In this part 6, payment or delivery of property is made in good faith if a holder: (a) 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 article 13; or (b) Made payment or delivery: (I) In response to a demand by the administrator or administrator's agent; or (II) Under a guidance or ruling issued by the administrator that the holder reasonably believed required or permitted the property to be paid or delivered.