Section 10-8-3

(Repealed effective January 1, 2001) "Knowledge" or "notice" of a fact.

(a) A person has "knowledge" of a fact within the meaning of this chapter not only when he has actual knowledge thereof, but also when he has knowledge of such other facts as in the circumstances would lead such person, in the good faith exercise of due diligence, to actual knowledge of such facts.

(b) A person has "notice" of a fact within the meaning of this chapter when the person who claims the benefit of the notice:

(1) States the fact to such person; or

(2) Delivers through the mail, or by other means of communication, a written statement of the fact to such person, or to a proper person, at his place of business or residence.

(Acts 1971, No. 1513, p. 2609, §3.)