§ 34-18-14. Notice.
(a)(1) A person has notice of a fact if:
(i) He or she has actual knowledge of it;
(ii) He or she has received a notice or notification of it; or
(iii) From all the facts and circumstances known to him or her at the time in question he or she has reason to know that it exists.
(2) A person “knows” or “has knowledge” of a fact if he or she has actual knowledge of it.
(b) A person “notifies” or “gives” a notice or notification to another person by taking steps reasonably calculated to inform the other in ordinary course whether or not the other actually comes to know of it. A person “receives” a notice or notification when:
(1) It comes to his or her attention; or
(2) It is delivered in hand or sent by first class mail to him or her at a place held out by him or her as the place for receipt of the communication, or in the absence of such designation, to his or her last known place of residence.
(c) “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 his or her attention if the organization had exercised reasonable diligence.
History of Section.
P.L. 1986, ch. 200, § 2.