47-30.2-33. (604) Effect of payment or delivery of property to administrator

47-30.2-33. (604) Effect of payment or delivery of property to administrator 1. On payment or delivery of property to the administrator under this chapter, the administrator as agent for the state assumes custody and responsibility for safekeeping the property. A holder that pays or delivers property in full to the administrator in good faith and substantially complies with sections 47-30.2-26 and 47-30.2-27 is relieved of liability to the extent of the value of the property paid or delivered for any claim arising after the payment or delivery with respect to payment or delivery of that property to the administrator. 2. To the extent of the value of property paid or delivered as measured on the date of delivery, this state shall defend and indemnify a holder against liability on a claim against the holder resulting from the payment or delivery of property to the administrator made in good faith and after the holder substantially complied with sections 47-30.2-26 and 47-30.2-27.