Section 2111 - Definition of good faithIn this subchapter, payment or delivery of property is made in good faith if a holder: [2019, c. 498, §22(NEW).]
1.Reasonable basis. 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 Act; or [2019, c. 498, §22(NEW).]
2.Payment or delivery. Made payment or delivery:A. In response to a demand by the administrator or administrator's agent; or [2019, c. 498, §22(NEW).]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. [2019, c. 498, §22(NEW).] [2019, c. 498, §22(NEW).]
Added by 2019, c. 498,§ 22, eff. 9/19/2019.