Illinois Compiled Statutes 765 ILCS 1026/15-601 – Definition of good faith
Current as of: 2024 | Check for updates
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In this Article, payment or delivery of property is made in good faith if a holder:
(1) had a reasonable basis for believing, based on
(1) had a reasonable basis for believing, based on
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the facts then known, that the property was required or permitted to be paid or delivered to the administrator under this Act; or
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(2) made payment or delivery:
(A) in response to a demand by the administrator
(A) in response to a demand by the administrator
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or administrator’s agent; or
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(B) under a guidance or ruling issued by the
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administrator which the holder reasonably believed required or permitted the property to be paid or delivered.
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