§ 386b-1-020

386B.1 -020 Knowledge. (1) Subject to subsection (2) of this section, a person has knowledge of a fact if the person: (a) Has actual knowledge of it; (b) Has received a notice or notification of it; or (c) From all the facts and circumstances known to the person at the time in quest ion, has reason to know it. (2) 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 wou ld have been brought to the employee'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 res ponsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence shall not require an employee of the organization to communicate information unless the communication is part of the individual's regular duties or the individual knows a matter involving the trust would be materially affected by the information.

on to communicate information unless the communication is part of the individual's regular duties or the individual knows a matter involving the trust would be materially affected by the information. Effective: July 15, 2014 History: Created 2014 Ky. Acts ch. 25, sec. 2, effective July 15, 2014.