Definition of good faith
C.R.S. § 38-13-601
in effect38-13-601. Definition of good faith. (1) In this part 6, payment or delivery of property is made in good faith if a holder:
(a) 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 article 13; or
(b) Made payment or delivery:
(I) In response to a demand by the administrator or administrator's agent; or
(II) Under a guidance or ruling issued by the administrator that the holder reasonably believed required or permitted the property to be paid or delivered.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://leg.colorado.gov/sites/default/files/images/olls/crs2024-title-38.docx#38-13-601Fetched: 10/6/2026