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Maine Revised Statutes Title 31. Partnerships and Associations § 1503. Knowledge; notice

Current as of January 01, 2022 | Updated by FindLaw Staff

1. Knows. A person knows a fact when the person:

A. Has actual knowledge of it; or

B. Is deemed to know it under law other than this chapter.

2. Notice. A person has notice of a fact when the person:

A. Knows of it;

B. Receives notification of it;

C. Has reason to know the fact from all of the facts known to the person at the time in question; or

D. Is deemed to have notice of the fact under subsection 4.

3. Notifies. 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. Nonmember; notice. A person that is not a member is deemed to have notice of a limited liability company's:

A. Matters included in the certificate of formation under section 1531, subsection 1, paragraph A, upon filing;

B. Termination, 90 days after a certificate of cancellation under section 1533 becomes effective;

C. Merger or conversion, 90 days after a statement of merger or statement of conversion under subchapter 12 becomes effective; and

D. Revival, 90 days after a certificate of revival under section 1604 becomes effective.

5. Member; knowledge, notice or receipt of notification. A member's knowledge, notice or receipt of a notification of a fact relating to the limited liability company is not knowledge, notice or receipt of a notification of a fact by the limited liability company solely by reason of the member's capacity as a member.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 31. Partnerships and Associations § 1503. Knowledge; notice - last updated January 01, 2022 | https://codes.findlaw.com/me/title-31-partnerships-and-associations/me-rev-st-tit-31-sect-1503/

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