70A-1a-202 - Notice -- Knowledge. - Utah Statutes

70A-1a-202. Notice -- Knowledge.
(1) Subject to Subsection (6), 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, hasreason to know that it exists.
(2) "Knowledge" means actual knowledge. "Knows" has a corresponding meaning.
(3) "Discover," "learn," or words of similar import refer to knowledge rather than toreason to know.
(4) A person "notifies" or "gives" a notice or notification to another person by takingsuch steps as may be reasonably required to inform the other person in ordinary course, whetheror not the other person actually comes to know of it.
(5) Subject to Subsection (6), a person "receives" a notice or notification when:
(a) it comes to that person's attention; or
(b) it is duly delivered in a form reasonable under the circumstances at the place ofbusiness through which the contract was made or at another location held out by that person asthe place for receipt of such communications.
(6) Notice, knowledge, or a notice or notification received by an organization is effectivefor a particular transaction from the time it is brought to the attention of the individualconducting that transaction and, in any event, from the time it would have been brought to theindividual's attention if the organization had exercised due diligence. An organization exercisesdue diligence if it maintains reasonable routines for communicating significant information to theperson conducting the transaction and there is reasonable compliance with the routines. Duediligence does not require an individual acting for the organization to communicate informationunless the communication is part of the individual's regular duties or the individual has reason toknow of the transaction and that the transaction would be materially affected by the information.

Enacted by Chapter 272, 2007 General Session