According to the UCC, which of the following is true regarding when a person has notice of a fact?
A) Under the UCC a person has notice of a fact only when the person has actual knowledge of the fact.
B) Under the UCC a person has notice of a fact under the following two circumstances: (1) when the person has actual knowledge of the fact, and (2) when the person receives notice or notification of the fact.
C) Under the UCC a person has notice of a fact under the following three circumstances: (1) when the person has actual knowledge of the fact, (2) when the person receives notice or notification of the fact, and (3) when the person has reason to know the fact exists.
D) Under the UCC a person has notice of a fact only when the person has signed a verification to the effect that notice was received.
E) Under the UCC a person has notice of a fact only when the person receives written notification either through regular mail or electronic means.

Question

Quizplus · Accepted Answer

The Uniform Commercial Code (UCC) stipulates that a person is considered to have notice of a fact not only when they have actual knowledge of it but also when they receive notice or notification of the fact, or when they have reason to know the fact exists, encompassing a broader range of circumstances under which notice is established.

According to the UCC, Which of the Following Is True