C.R.S. § 38-13-601: Definition of good faith.

(1) In this part 6, payment or delivery of property is made in good faith if a holder:

(a) 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 article 13; or

(b) Made payment or delivery:

(I) In response to a demand by the administrator or administrator's agent; or

(II) Under a guidance or ruling issued by the administrator that the holder reasonably believed required or permitted the property to be paid or delivered.