401.202 Notice; knowledge.
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/wi/chapter-401/401-202A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
401.202 Notice; knowledge.
(1)Subject to sub.
(6), a person has “notice” of a fact if the person satisfies any of the following:
(a)Has actual knowledge of it.
(b)Has received a notice or notification of it.
(c)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.
(3)“Discover,” “learn,” or words of similar import refer to knowledge rather than to notice.
(4)A person “notifies” or “gives” a notice or notification to another by taking such steps as may be reasonably required to inform the other in ordinary course, whether or not the other person actually comes to know of it.
(5)Subject to sub.
(6), a person “receives” a notice or notification when any of the following apply:
(a)It comes to that person’s attention.
(b)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 the place 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 individual conducting that transaction and, in any event, from the time it would have been brought to the individual’s attention if the organization had exercised due diligence. An organization exercises due diligence if it maintains reasonable routines for communicating significant information to the person conducting the transaction and there is reasonable compliance with the routines. Due diligence does not require an individual acting for the organization to communicate information unless the communication is part of the individual’s regular duties or the individual has reason to know of the transaction and that the transaction would be materially affected by the information.