2011 Kentucky Revised Statutes
Article 1 General Provisions
355.1.202 Notice -- Knowledge.
KY Rev Stat § 355.1.202 (1996 through Reg Sess) What's This?
355.1-202 Notice -- Knowledge.
Subject to subsection (6) of this section, a person has "notice" of a fact if the person:
(a) Has actual knowledge of it;
(b) Has received a notice or notification of it; or
(c) From all the facts and circumstances known to the person at the time in
question, has reason to know that it exists.
"Knowledge" means actual knowledge. "Knows" has a corresponding meaning.
"Discover," "learn," or words of similar import refer to knowledge rather than to
reason to know.
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.
Subject to subsection (6) of this section, a person "receives" a notice or notification
(a) It comes to that person's attention; or
(b) 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.
Notice, knowledge, or a notice or notification received by an organization is
effective for a particular transaction from the time 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 individual's attention 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 the communication is part of the individual's regular duties or the individual
has reason to know of the transaction and that the transaction would be materially
affected by the information.
Effective: July 12, 2006
History: Repealed and reenacted 2006 Ky. Acts ch. 242, sec. 10, effective July 12,
2006. -- Created 1958 Ky. Acts ch. 77, sec. 1-202, effective July 1, 1960.
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