27 V.S.A. § 1511: Definition of good faith

In this subchapter, 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 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 that the holder reasonably believed required or permitted the property to be paid or delivered.