Notice - Knowledge.

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Notice; Knowledge.

(a) Subject to subsection (f) of this section, a person has "notice" of a fact if the person:

  • (1)has actual knowledge of it;
  • (2)has received a notice or notification of it; or
  • (3)from all the facts and circumstances known to the person at the time in question, has reason to know that it exists.

(b) “Knowledge" means actual knowledge. “Knows” has a corresponding meaning.

(c) “Discover" or "learn" or a word or phrase of similar import refers to knowledge rather than to reason to know.

(d) A person "notifies" or "gives" a notice or notification to another person by taking such steps as may be reasonably required to inform the other person in ordinary course whether or not the other person actually comes to know of it.

(e) Subject to subsection (f) of this section, a person "receives" a notice or notification when:

  • (1)it comes to the attention of the person; or
  • (2)it is duly delivered in a form reasonable under the circumstances at the place of business through which the contract was made or at another location held out by that person as the place for receipt of such communications.

(f) Notice, knowledge, or a notice or notification received by an organization is effective for a particular transaction from the time when it is brought to the attention of the individual conducting that transaction, and, in any event, from the time it would have been brought to the attention of the individual if the organization had exercised due diligence. An organization exercises due diligence if it maintains reasonable routines for communicating significant information to the person conducting the transaction and there is reasonable compliance with the routines. Due diligence does not require an individual acting for the organization to communicate information unless such communication is part of the regular duties of the individual or unless the individual has reason to know of the transaction and that the transaction would be materially affected by the information.

Added by Laws 1961, p. 73, § 1-202. Amended by Laws 2005, c. 139, § 9, eff. Jan. 1, 2006.


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