Tenn. Code Ann. § 66-29-132: Good faith payment or delivery of property by holder

Under this part, 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 treasurer under this part; or (2) Made payment or delivery: (A) In response to a demand by the treasurer or treasurer's agent; or (B) Pursuant to guidance or a ruling issued by the treasurer that the holder reasonably believed required or permitted the property to be paid or delivered. Amended by 2017 Tenn. Acts, ch. 457,s 1, eff. 7/1/2017. Acts 1978, ch. 561, § 31; 1980, ch. 606, §§ 1, 3; T.C.A., §§ 64-2931, 66-29-131; Acts 2010, ch. 756, § 1.

Under this part, 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 treasurer under this part; or

(2) Made payment or delivery: (A) In response to a demand by the treasurer or treasurer's agent; or (B) Pursuant to guidance or a ruling issued by the treasurer that the holder reasonably believed required or permitted the property to be paid or delivered.

(A) In response to a demand by the treasurer or treasurer's agent; or

(B) Pursuant to guidance or a ruling issued by the treasurer that the holder reasonably believed required or permitted the property to be paid or delivered.