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Vt. Stat. Ann. tit. 27, § 1511

Definition of good faith

Known as the Revised Uniform Unclaimed Property Act

The act spans §§ 27-1451–27-1623 (97 sections).

Added 2019, No. 93 (Adj

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.

Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.