Utah Code 48-1d-103. Knowledge — Notice
Current as of: 2024 | Check for updates
|
Other versions
(1) A person knows a fact if the person:
Terms Used In Utah Code 48-1d-103
- Fraud: Intentional deception resulting in injury to another.
- Partner: means a person that:(11)(a) has become a partner in a partnership under Section 48-1d-401 or was a partner in a partnership when the partnership became subject to this chapter under Section 48-1d-1405; and(11)(b) has not dissociated as a partner under Section 48-1d-701. See Utah Code 48-1d-102
- 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 or more persons to carry on as co-owners a business for profit formed under this chapter or that becomes subject to this chapter under Part 10, Merger, Interest Exchange, Conversion, and Domestication, or Section 48-1d-1405. See Utah Code 48-1d-102
- Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 48-1d-102
- Transfer: includes :
(24)(a) an assignment;(24)(b) a conveyance;(24)(c) a sale;(24)(d) a lease;(24)(e) an encumbrance, including a mortgage or security interest;(24)(f) a gift; and(24)(g) a transfer by operation of law. See Utah Code 48-1d-102(1)(a) has actual knowledge of it; or(1)(b) is deemed to know it under Subsection (4)(a) or law other than this chapter.(2) A person has notice of a fact if the person:(2)(a) has reason to know the fact from all the facts known to the person at the time in question; or(2)(b) is deemed to have notice of the fact under Subsection (4)(b).(3) Subject to Subsection 48-1d-116(6), a person notifies another person of a fact by taking steps reasonably required to inform the other person in ordinary course, whether or not those steps cause the other person to know the fact.(4) A person not a partner is deemed:(4)(a) to know of a limitation on authority to transfer real property as provided in Subsection 48-1d-303(7); and(4)(b) to have notice of:(4)(b)(i) a partner’s dissociation 90 days after a statement of dissociation under Section 48-1d-804 becomes effective; and(4)(b)(ii) a partnership‘s:(4)(b)(ii)(A) dissolution 90 days after a statement of dissolution under Subsection 48-1d-902(2)(b)(i) becomes effective;(4)(b)(ii)(B) termination 90 days after a statement of termination under Subsection 48-1d-902(2)(b)(vi) becomes effective;(4)(b)(ii)(C) participation in a merger, interest exchange, conversion, or domestication 90 days after a statement of merger, interest exchange, conversion, or domestication under Part 10, Merger, Interest Exchange, Conversion, and Domestication, becomes effective; and(4)(b)(ii)(D) abandonment of a merger, interest exchange, conversion, or domestication 90 days after a statement of abandonment of merger, interest exchange, conversion, or domestication under Part 10, Merger, Interest Exchange, Conversion, and Domestication, becomes effective.(5) A partner’s knowledge or notice of a fact relating to the partnership is effective immediately as knowledge of or notice to the partnership, except in the case of a fraud on the partnership committed by or with the consent of that partner.