Definition of good faith.

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  • (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.




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