§ 8.1A-202 Notice; knowledge
a. Subject to subsection (f), a person has “notice” of a fact if the person:
3. from all the facts and circumstances known to the person at the time in question, has reason to know that it exists.
b. “Knowledge” means actual knowledge. “Knows” has a corresponding meaning.
c. “Discover,” “learn,” or words of similar import refer to knowledge rather than to reason to know.
d. A person “notifies” or “gives” a notice or notification to another person by taking such steps as may be reasonably required to inform the other person in ordinary course, whether or not the other person actually comes to know of it.
e. Subject to subsection (f), a person “receives” a notice or notification when:
2. it is duly delivered in a form reasonable under the circumstances at the place of business through which the contract was made or at another location held out by that person as the place for receipt of such communications.
f. 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 the individual’s attention if the organization had exercised due diligence. An organization exercises due diligence if it maintains reasonable routines for communicating significant information to the person conducting the transaction and there is reasonable compliance with the routines. Due diligence does not require an individual acting for the organization 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.
History
This law was first created in 1964. The record of its establishment is cataloged in chapter 219 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1964 “Acts” aren’t available online. It has been modified 6 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1973, chapter 509; in 1984, chapter 613; in 1991, chapter 536; in 1992, chapter 693; in 2000, chapter 1007; in 2003, chapter 353.
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.