§ 4-10-104 — Knowledge

(a) Subject to subsection (b) of this section, a person
has knowledge of a fact if the person:
(i) Has actual knowledge of it;
(ii) Has received a notice or notification of it; or
(iii) 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'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's
regular duties or the individual knows a matter involving the
trust would be materially affected by the information.