765 ILCS 1026/15-601

in effect

(765 ILCS 1026/15-601) Sec. 15-601. Definition of good faith. In this Article, 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 Act; 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. (Source: P.A. 100-22, eff. 1-1-18.)

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026