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

Terms Used In Tennessee Code 66-29-132

(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.
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