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Definition of good faith

KRS 393A.310
in effect
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393A.310. Definition of good faith In KRS 393A.310 to 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.
Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48128Fetched: 10/20/2026

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