KRS 393A.310: Definition of good faith.

In KRS 393A.310 to 393A.390, payment or delivery of property shall be 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 which the holder

reasonably believed required or permitted the property to be paid or delivered.