§ 554.1202

554.1202 Notice — knowledge. 1. Subject to subsection 6, a person has 'notice' of a fact if the person:a. has actual knowledge of it;b. has received a notice or notification of it; orc. from all the facts and circumstances known to the person at the time in question, has reason to know that it exists. 2. 'Knowledge' means actual knowledge. 'Knows' has a corresponding meaning.3. 'Discover', 'learn', or words of similar import refer to knowledge rather than to reason to know. 4. 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, whetheror not the other person actually comes to know of it. 5. Subject to subsection 6, a person 'receives' a notice or notification when:a. it comes to that person’s attention; orb. 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 theplace for receipt of such communications. 6. Notice, knowledge, or a notice or notification received by an organization is effective for a particular transaction from the time it is

that person as theplace for receipt of such communications. 6. 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 individualconducting that transaction and, in any event, from the time it would have been brought tothe individual’s attention if the organization had exercised due diligence. An organizationexercises due diligence if it maintains reasonable routines for communicating significantinformation to the person conducting the transaction and there is reasonable compliancewith the routines. Due diligence does not require an individual acting for the organizationto communicate information unless the communication is part of the individual’s regularduties or the individual has reason to know of the transaction and that the transaction wouldbe materially affected by the information. 2007 Acts, ch 41, §13, 57Referred to in §554.12106 Sat Dec 23 01:49:10 2023 Iowa Code 2024, Section 554.1202 (24, 0)