§ 15-5-104 — 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
question, and acting in a reasonably prudent manner given the person's experience
and expertise, 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 would have
been brought to the employee's attention if the organization had exercised
reasonable diligence. An organization exercises reasonable diligence if it maintains
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's
regular duties or the individual knows that a matter involving the trust would be
materially affected by the information.

Legislative History

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1147, � 1, effective January 1, 2019.