This is why it is important that all addresses for notice be reliable.
For overnight delivery, notice is deemed given upon first attempted delivery on a business day and, for certified mail, it is usually deemed given within 3 business days after posting. After that, two reliable and frequently permitted methods of delivery are registered or certified mail, return receipt requested, or prepaid overnight delivery with proof of attempted delivery. The surest, if not the easiest, mode of delivery is hand delivery, which is deemed delivered upon delivery.
However, as technology changes, this section can be a minefield during the life of a 3 to 10 year loan.Īt a basic level, a notice provision needs to provide instructions for delivering notice, when notice is deemed delivered, addresses that will be reliable, and a method for the parties to update the addresses in the future. A loan document’s notice provision is often overlooked as just another boilerplate provision in need of blanks to fill in.
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