Illinois § 15-601 Definition of good faith

Illinois Statutes

§ 15-601 — Definition of good faith

Illinois·Topic RIGHTS AND REMEDIES·Ch. 765 PROPERTY·Act 765 ILCS 1026/ Revised Uniform Unclaimed Property Act.·Art. Title 15 - Revised Uniform Unclaimed Property Act

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 the facts then known, that the property was required or permitted to be paid or delivered to the administrator under this Act; 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.

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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 the facts then known, that the property was required or permitted to be paid or delivered to the administrator under this Act; 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.

Illinois § 15-601 (Definition of good faith) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.