75-7-104 - Knowledge. - Utah Statutes

75-7-104. Knowledge.
(1) Subject to Subsection (2), a person has knowledge 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 it.
(2) An organization that conducts activities through employees has notice or knowledgeof a fact involving a trust only from the time the information was received by an employeehaving responsibility to act for the trust, or would have been brought to the employee's attentionif the organization had exercised reasonable diligence. An organization exercises reasonablediligence if it maintains reasonable routines for communicating significant information to theemployee having responsibility to act for the trust and there is reasonable compliance with theroutines. Reasonable diligence does not require an employee of the organization to communicateinformation unless the communication is part of the individual's regular duties or the individualknows a matter involving the trust would be materially affected by the information.

Enacted by Chapter 89, 2004 General Session