Section 3. Interpretation of knowledge and notice

1.  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 shows bad faith.
    2. A person has "notice" of a fact within the meaning of this  chapter
  when the person who claims the benefit of the notice:
    (a) States the fact to such person, or
    (b)  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.