2007 Minnesota Statutes

323A.0102 KNOWLEDGE AND NOTICE.
(a) A person knows a fact if the person has actual knowledge of it.
(b) A person has notice of a fact if the person:
(1) knows of it;
(2) has received a notification of it; or
(3) has reason to know it exists from all of the facts known to the person at the time in
question.
(c) A person notifies or gives a notification to another by taking steps reasonably required to
inform the other person in ordinary course, whether or not the other person learns of it.
(d) A person receives a notification when the notification:
(1) comes to the person's attention; or
(2) is duly delivered at the person's place of business or at any other place held out by the
person as a place for receiving communications.
(e) Except as otherwise provided in subsection (f), a person other than an individual knows,
has notice, or receives a notification of a fact for purposes of a particular transaction when the
individual conducting the transaction knows, has notice, or receives a notification of the fact, or
in any event when the fact would have been brought to the individual's attention if the person
had exercised reasonable diligence. The person exercises reasonable diligence if it maintains
reasonable routines for communicating significant information to the individual conducting the
transaction and there is reasonable compliance with the routines. Reasonable diligence does not
require an individual acting for the person 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.
(f) A partner's knowledge, notice, or receipt of a notification of a fact relating to the
partnership is effective immediately as knowledge by, notice to, or receipt of a notification by the
partnership, except in the case of a fraud on the partnership committed by or with the consent
of that partner.
History: 1997 c 174 art 1 s 2