(1) Subject to subsection (2) of this section, a person has knowledge of a fact if the person:

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(a) Has actual knowledge of the fact;

(b) Has received a notice or notification of the fact; or

(c) From all the facts and circumstances known to the person at the time in question, has reason to know the fact.

(2) An organization that conducts activities through employees has notice or knowledge of a fact involving a trust only from the time the information was received by an employee having responsibility to act for the trust, or would have been brought to the employee’s attention if the organization had exercised reasonable diligence. An organization exercises reasonable diligence if the organization maintains reasonable routines for communicating significant information to the employee having responsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence does not require an employee of the organization to communicate information unless the communication is part of the employee’s regular duties or the employee knows a matter involving the trust would be materially affected by the information. [2005 c.348 § 4]