1. 1. A person knows a fact when the person has or is any of the following:

   1. a. Has actual knowledge of it.
   2. b. Is deemed to know it under subsection 4, paragraph “a”, or law other than this chapter.

2. 2. A person has notice of a fact when the person has or is any of the following:

   1. a. Has reason to know the fact from all of the facts known to the person at the time in question.
   2. b. Is deemed to have notice of the fact under subsection 4, paragraph “b”.
3. 3. A person notifies another of a fact by taking steps reasonably required to inform the other person in ordinary course, whether or not the other person knows the fact.

4. 4. A person that is not a member is deemed both of the following:

   1. a. To know of a limitation on authority to transfer real property as provided in section 489.302, subsection 7.

   2. b. To have notice of all of the following regarding a limited liability company’s:

      1. (1) Dissolution, ninety days after a statement of dissolution under section 489.702, subsection 2, paragraph “b”, subparagraph (1), becomes effective.
      2. (2) Termination, ninety days after a statement of termination under section 489.702, subsection 2, paragraph “b”, subparagraph (6), becomes effective.
      3. (3) Merger, conversion, or domestication, ninety days after articles of merger, conversion, or domestication under article 10 become effective.

2008 Acts, ch 1162, §3, 155

Referred to in §489.206, §489.302