Subdivision 1. Knowledge of facts. A person knows a fact when the person:
(1) has actual knowledge of it; or
(2) is deemed to know it under subdivision 4, clause (1), or law other than this chapter.
Subd. 2. Notice of facts. A person has notice of a fact when the person:
(1) has reason to know the fact from all of the facts known to the person at the time in question; or
(2) is deemed to have notice of the fact under subdivision 4, clause (2).
Subd. 3. Notification of facts. A person notifies another of a fact by taking steps reasonably required to inform the other person in ordinary course, whether or not the other person knows the fact.
Subd. 4. Constructive notice. A person that is not a member is deemed:
(1) to know of a limitation on authority to transfer real property as provided in section 322C.0302, subdivision 7; and
(2) to have notice of a limited liability company's:
(i) dissolution, 90 days after a statement of dissolution under section 322C.0702, subdivision 2, clause (2)(i), becomes effective;
(ii) termination, 90 days after a statement of termination under section 322C.0702, subdivision 2, clause (2)(vi), becomes effective; and
(iii) merger, conversion, or domestication, 90 days after articles of merger, conversion, or domestication under sections 322C.1001 to 322C.1015 become effective.
History:2014 c 157 art 1 s 3