Utah Code § 67-4a-601
Definition of good faith
Utah · Utah Code Title 67 — State Officers and Employees · Status: effective
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- Citation
- Utah Code § 67-4a-601, Definition of good faith, Utah, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2349222
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Full text
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.