(a) Subject to subsection (f), a person has "notice" of a fact if theperson:
(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 inquestion, has reason to know that it exists.
(b) "Knowledge" means actual knowledge. "Knows" has a correspondingmeaning.
(c) "Discover," "learn," or words of similar import refer to knowledgerather than to reason to know.
(d) A person "notifies" or "gives" a notice or notification to anotherperson by taking such steps as may be reasonably required to inform the otherperson in ordinary course, whether or not the other person actually comes toknow of it.
(e) Subject to subsection (f), a person "receives" a notice or notificationwhen:
(1) it comes to that person's attention; or
(2) it is duly delivered in a form reasonable under the circumstances at theplace of business through which the contract was made or at another locationheld out by that person as the place for receipt of such communications.
(f) Notice, knowledge, or a notice or notification received by anorganization is effective for a particular transaction from the time it isbrought to the attention of the individual conducting that transaction and,in any event, from the time it would have been brought to the individual'sattention if the organization had exercised due diligence. An organizationexercises due diligence if it maintains reasonable routines for communicatingsignificant information to the person conducting the transaction and there isreasonable compliance with the routines. Due diligence does not require anindividual acting for the organization to communicate information unless thecommunication is part of the individual's regular duties or the individualhas reason to know of the transaction and that the transaction would bematerially affected by the information.
(1964, c. 219, § 8.1-201 (25)-(27); 1973, c. 509; 1984, c. 613; 1991, c. 536;1992, c. 693; 2000, c. 1007; 2003, c. 353.)
(a) Subject to subsection (f), a person has "notice" of a fact if theperson:
(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 inquestion, has reason to know that it exists.
(b) "Knowledge" means actual knowledge. "Knows" has a correspondingmeaning.
(c) "Discover," "learn," or words of similar import refer to knowledgerather than to reason to know.
(d) A person "notifies" or "gives" a notice or notification to anotherperson by taking such steps as may be reasonably required to inform the otherperson in ordinary course, whether or not the other person actually comes toknow of it.
(e) Subject to subsection (f), a person "receives" a notice or notificationwhen:
(1) it comes to that person's attention; or
(2) it is duly delivered in a form reasonable under the circumstances at theplace of business through which the contract was made or at another locationheld out by that person as the place for receipt of such communications.
(f) Notice, knowledge, or a notice or notification received by anorganization is effective for a particular transaction from the time it isbrought to the attention of the individual conducting that transaction and,in any event, from the time it would have been brought to the individual'sattention if the organization had exercised due diligence. An organizationexercises due diligence if it maintains reasonable routines for communicatingsignificant information to the person conducting the transaction and there isreasonable compliance with the routines. Due diligence does not require anindividual acting for the organization to communicate information unless thecommunication is part of the individual's regular duties or the individualhas reason to know of the transaction and that the transaction would bematerially affected by the information.
(1964, c. 219, § 8.1-201 (25)-(27); 1973, c. 509; 1984, c. 613; 1991, c. 536;1992, c. 693; 2000, c. 1007; 2003, c. 353.)
(a) Subject to subsection (f), a person has "notice" of a fact if theperson:
(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 inquestion, has reason to know that it exists.
(b) "Knowledge" means actual knowledge. "Knows" has a correspondingmeaning.
(c) "Discover," "learn," or words of similar import refer to knowledgerather than to reason to know.
(d) A person "notifies" or "gives" a notice or notification to anotherperson by taking such steps as may be reasonably required to inform the otherperson in ordinary course, whether or not the other person actually comes toknow of it.
(e) Subject to subsection (f), a person "receives" a notice or notificationwhen:
(1) it comes to that person's attention; or
(2) it is duly delivered in a form reasonable under the circumstances at theplace of business through which the contract was made or at another locationheld out by that person as the place for receipt of such communications.
(f) Notice, knowledge, or a notice or notification received by anorganization is effective for a particular transaction from the time it isbrought to the attention of the individual conducting that transaction and,in any event, from the time it would have been brought to the individual'sattention if the organization had exercised due diligence. An organizationexercises due diligence if it maintains reasonable routines for communicatingsignificant information to the person conducting the transaction and there isreasonable compliance with the routines. Due diligence does not require anindividual acting for the organization to communicate information unless thecommunication is part of the individual's regular duties or the individualhas reason to know of the transaction and that the transaction would bematerially affected by the information.
(1964, c. 219, § 8.1-201 (25)-(27); 1973, c. 509; 1984, c. 613; 1991, c. 536;1992, c. 693; 2000, c. 1007; 2003, c. 353.)
