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Definition of good faith.

Utah Code § 67-4a-601
in effect
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67-4a-601. Definition of good faith. In this chapter, 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. Repealed and Re-enacted by Chapter 371, 2017 General Session
Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title67/Chapter4A/67-4a-S601.html?v=C67-4a-S601_2017050920170509Fetched: 10/26/2026

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