Wisconsin Statutes 177.0601 – Definition of good faith
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In this subchapter, payment or delivery of property is made in good faith if any of the following applies:
Terms Used In Wisconsin Statutes 177.0601
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
(1) The holder 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.
(2) The holder made payment or delivery in response to a demand by the administrator or administrator’s agent or under guidance or a ruling issued by the administrator that the holder reasonably believed required or permitted the property to be paid or delivered.