(1) A person knows a fact if the person has actual knowledge of it. (2) A person has notice of a fact if the person:
(a) Knows of it;

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Terms Used In Kentucky Statutes 362.1-102

  • Business: includes every trade, occupation, and profession. See Kentucky Statutes 362.1-101
  • Fraud: Intentional deception resulting in injury to another.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Partnership: means an association of two (2) or more persons to carry on as co- owners a business for profit formed under KRS §. See Kentucky Statutes 362.1-101
  • Person: means an individual, an entity, or any other legal or commercial entity. See Kentucky Statutes 362.1-101

(b) Has received a notification of it;
(c) Has reason to know it exists from all of the facts known to the person at the time in question; or
(d) By reason of a filing or recording to the extent provided by and subject to the limitations set forth in KRS § 362.1-303(4) or (5), 362.1-704(3), or 362.1-
805(3).
(3) A person notifies or gives a notification to another by taking steps reasonably calculated to inform the other person in ordinary course, whether or not the other person obtains knowledge of it.
(4) A person receives a notification when the notification: (a) Comes to the person’s attention; or
(b) 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.
(5) Except as otherwise provided in subsection (6) of this section, 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.
(6) 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.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 2, effective July 12, 2006.