TITLE 14

ESTATES OF DECEDENTS

CHAPTER 5

REVISED UNCLAIMED PROPERTY ACT

PART 6

TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR

14-5-601.  DEFINITION OF "GOOD FAITH." For the purposes of this part, 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 that the holder reasonably believed required or permitted the property to be paid or delivered.

History:

[14-5-601, added 2024, ch. 27, sec. 2, p. 199.]