North Dakota Code 47-30.2-30 – (601) Definition of good faith
Current as of: 2023 | Check for updates
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In sections 47-30.2-30, 47-30.2-31, 47-30.2-32, 47-30.2-33, 47-30.2-34, 47-30.2-35, 47-30.2-36, 47-30.2-37, and 47-30.2-38, payment or delivery of property is made in good faith if a holder:
Terms Used In North Dakota Code 47-30.2-30
- Property: includes property, real and personal. See North Dakota Code 1-01-49
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.