Terms Used In Utah Code > Title 48 > Chapter 5 - Decentralized Autonomous Organization Act

• Administrator: means a person that is appointed in a manner specified in the by-laws to make decisions for specific, predefined operations of the decentralized autonomous organization. See Utah Code 48-5-101
• Asset: means an item of value, whether on-chain or off-chain. See Utah Code 48-5-101
• Board: means the Waste Management and Radiation Control Board created in Section 19-1-106. See Utah Code 19-6-402
• By-laws: means the procedural rules and regulations that govern a decentralized autonomous organization and the interaction of the decentralized autonomous organization's members and participants. See Utah Code 48-5-101
• Certificate of compliance: means a certificate issued to a facility by the director:
       (5)(a) demonstrating that an owner or operator of a facility containing one or more petroleum storage tanks has met the requirements of this part; and
       (5)(b) listing petroleum storage tanks at the facility, specifying:

            (5)(b)(i) which tanks may receive petroleum; and

            (5)(b)(ii) which tanks have not met the requirements for compliance. See Utah Code 19-6-402
• Certificate of registration: means a certificate issued to a facility by the director demonstrating that an owner or operator of a facility containing one or more petroleum storage tanks has:
       (6)(a) registered the tanks; and
       (6)(b) paid the annual tank fee. See Utah Code 19-6-402
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Cryptographic proof: means a mathematical proof that verifies that a message has not been tampered with or altered in any way and can be verified by a person that has access to the original message and the proof. See Utah Code 48-5-101
• Decentralized: means that decision-making is distributed among multiple persons. See Utah Code 48-5-101
• Decentralized autonomous organization: means an organization:
       (6)(a) created by one or more smart contracts;
       (6)(b) that implements rules enabling individuals to coordinate for decentralized governance of an organization; and
       (6)(c) that is an entity formed under this chapter. See Utah Code 48-5-101
• Department: means the Department of Environmental Quality. See Utah Code 19-1-103
• Developer: includes a person that provides:
            (7)(b)(i) software code; or
            (7)(b)(ii) design, business, legal, or ancillary support. See Utah Code 48-5-101
• Director: means the director of the Division of Environmental Response and Remediation. See Utah Code 19-6-402
• Dispute resolution mechanism: includes :
            (8)(b)(i) arbitration;
            (8)(b)(ii) expert determination; or
            (8)(b)(iii) an on-chain alternative court system. See Utah Code 48-5-101
• Division: means the Division of Environmental Response and Remediation, created in Subsection 19-1-105(1)(c). See Utah Code 19-6-402
• Division: means the Division of Corporations and Commercial Code. See Utah Code 48-5-101
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Executive director: means the executive director of the department appointed pursuant to Section 19-1-104. See Utah Code 19-1-103
• Facility: means the petroleum storage tanks located on a single parcel of property or on any property adjacent or contiguous to that parcel. See Utah Code 19-6-402
• Failure event: means an error in the decentralized autonomous organization's software code or an exploit that:
       (10)(a) renders the decentralized autonomous organization inoperative; or
       (10)(b) fundamentally changes the expected operation of the decentralized autonomous organization. See Utah Code 48-5-101
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fund: means the Petroleum Storage Tank Fund created in Section 19-6-409. See Utah Code 19-6-402
• Graphical user interface: means a publicly accessible interface through which a person interacts with computer software through visual indicator representations. See Utah Code 48-5-101
• Hard fork: means a blockchain software upgrade that is not compatible with previous versions of the blockchain software and requires all users to upgrade to the latest version of the blockchain software. See Utah Code 48-5-101
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legal representative: means an individual appointed in the manner specified in the by-laws of a decentralized autonomous organization to perform procedural functions off-chain on behalf of a decentralized autonomous organization. See Utah Code 48-5-101
• Majority chain: means the version of the blockchain accepted by more than half of the blockchain's validators following a hard fork. See Utah Code 48-5-101
• Meeting: means a synchronous or asynchronous event for the purpose of discussing and acting upon decentralized autonomous organization related matters by members or participants. See Utah Code 48-5-101
• Member: means a person who has governance rights in a decentralized autonomous organization. See Utah Code 48-5-101
• Minority chain: means the version of the chain that is not the majority chain following a hard fork. See Utah Code 48-5-101
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• Off-chain: means any action that is not on-chain. See Utah Code 48-5-101
• On-chain: means any action that is recorded and verified on a blockchain. See Utah Code 48-5-101
• Operator: means a person in control of or who is responsible on a daily basis for the maintenance of a petroleum storage tank that is in use for the storage, use, or dispensing of a regulated substance. See Utah Code 19-6-402
• Organizer: means a person that submits the certificate of filing as required in Section 48-5-201. See Utah Code 48-5-101
• Owner: means :
       (19)(a) in the case of an underground storage tank in use on or after November 8, 1984, a person who owns an underground storage tank used for the storage, use, or dispensing of a regulated substance;
       (19)(b) in the case of an underground storage tank in use before November 8, 1984, but not in use on or after November 8, 1984, a person who owned the tank immediately before the discontinuance of its use for the storage, use, or dispensing of a regulated substance; and
       (19)(c) in the case of an aboveground petroleum storage tank, a person who owns the aboveground petroleum storage tank. See Utah Code 19-6-402
• Participant: means a person that:
       (22)(a) is not a member of a decentralized autonomous organization; and
       (22)(b) holds or interacts with a token of a decentralized autonomous organization. See Utah Code 48-5-101
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Permissionless blockchain: means a publicly distributed ledger that allows a person to transact and produce blocks in accordance with the blockchain protocol, in which the validity of the block is independent of the identity of the user. See Utah Code 48-5-101
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Person: means an individual, trust, firm, estate, company, corporation, partnership, association, state, state or federal agency or entity, municipality, commission, or political subdivision of a state. See Utah Code 19-1-103
• Petroleum: includes crude oil or a fraction of crude oil that is liquid at:
       (20)(a) 60 degrees Fahrenheit; and
       (20)(b) a pressure of 14. See Utah Code 19-6-402
• Petroleum storage tank: means a tank that:
       (21)(a) is an underground storage tank;
       (21)(b) is an aboveground petroleum storage tank; or
       (21)(c) is a tank containing regulated substances that is voluntarily submitted for participation in the Petroleum Storage Tank Fund under Section 19-6-415. See Utah Code 19-6-402
• Program: means the Environmental Assurance Program under Section Utah Code 19-6-402
• Public address: means a unique, durable identifier that an individual can transact with on a permissionless blockchain. See Utah Code 48-5-101
• Public forum: means a freely accessible online environment that is commonly used for the exercise of speech and public debate. See Utah Code 48-5-101
• Public signal: means a declaration authorized by the decentralized autonomous organization in a public forum. See Utah Code 48-5-101
• Quality assurance: means a security review of the software code of the decentralized autonomous organization in accordance with industry standards. See Utah Code 48-5-101
• Quorum: The number of legislators that must be present to do business.
• Redeem: means to exchange a token for the value that the token represents. See Utah Code 48-5-101
• Release: means spilling, leaking, emitting, discharging, escaping, leaching, or disposing a regulated substance from a petroleum storage tank into ground water, surface water, or subsurface soils. See Utah Code 19-6-402
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• Statute: A law passed by a legislature.
• Token: means a record on a permissionless blockchain that represents an asset, participation right, or other entitlement. See Utah Code 48-5-101
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Underground storage tank: means a tank regulated under Subtitle I, Resource Conservation and Recovery Act, Utah Code 19-6-402
• Underground storage tank installation company: means a person, firm, partnership, corporation, governmental entity, association, or other organization that installs underground storage tanks. See Utah Code 19-6-402
• Underground storage tank installation company permit: means a permit issued to an underground storage tank installation company by the director. See Utah Code 19-6-402