                                 CODE OF VIRGINIA

KNOWLEDGE (§ 64.2-702)

A. Subject to subsection B, a person has knowledge of a fact if the person:

   1. Has actual knowledge of it;

   2. Has received a notice or notification of it; or

   3. From all the facts and circumstances known to the person at the time in
   question, has reason to know it.

B. 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&#8217;s attention if the organization had
exercised reasonable diligence. An organization exercises reasonable diligence
if it 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 individual&#8217;s regular duties or the individual knows a matter
involving the trust would be materially affected by the information.

HISTORY: 2005, c. 935, § 55-541.04; 2012, c. 614.