Illinois § 15-601 Definition of good faith

Illinois Statutes

§ 15-601 — Definition of good faith

Illinois § 15-601

JurisdictionIllinois

TopicRIGHTS AND REMEDIES

Ch. 765PROPERTY

Act 765 ILCS 1026/Revised Uniform Unclaimed Property Act.

Art.Title 15 - Revised Uniform Unclaimed Property Act

This text of Illinois § 15-601 (Definition of good faith) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

765 Ill. Comp. Stat. 15-601 (2026).

Text

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.