Kentucky Statutes 393A.310 – Definition of good faith
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In KRS § 393A.310 to KRS § 393A.390, payment or delivery of property shall be 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.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 31, effective July 14, 2018.
(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
Terms Used In Kentucky Statutes 393A.310
- Administrator: means the Kentucky State Treasurer. See Kentucky Statutes 393A.010
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See Kentucky Statutes 393A.010
(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.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 31, effective July 14, 2018.