47-30.2-30. (601) Definition of good faith.

In sections 47-30.2-30, 47-30.2-31, 47-30.2-32, 47-30.2-33, 47-30.2-34, 47-30.2-35, 47-30.2-36, 47-30.2-37, and 47-30.2-38, 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 which the holder reasonably believed required or permitted the property to be paid or delivered.