§ 7-12-14 - Interpretation of knowledge and notice.
SECTION 7-12-14
§ 7-12-14 Interpretation of knowledge andnotice. – (a) A person has "knowledge" of a fact within the meaning of §§7-12-12 – 7-12-55 not only when he or she has actual knowledge of it, butalso when he or she has knowledge of any other facts that in the circumstancesshow bad faith.
(b) A person has "notice" of a fact within the meaning of§§ 7-12-12 – 7-12-55 when the person who claims the benefit ofthe notice:
(1) States the fact to the person; or
(2) Delivers through the mail, or by other means ofcommunication, a written statement of the fact to the person or to a properperson at his or her place of business or residence.