In this chapter, payment or delivery of property is made in good faith if a holder:

1. (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. (2) made payment or delivery:

   1. (a) in response to a demand by the administrator or administrator's agent; or
   2. (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.

Repealed and Re-enacted by Chapter 371, 2017 General Session