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336.1-202 MS 2002 [Repealed, 2004 c 162 art 1 s 26]
336.1-202 NOTICE; KNOWLEDGE.
(a) Subject to subsection (f), 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," "learn," or words of similar import refer 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), a person "receives" a notice or notification when:
(1) it comes to that person's attention; 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 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.
History: 2004 c 162 art 1 s 11

Official Publication of the State of Minnesota
Revisor of Statutes