Utah Code 13-62-101. Definitions
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As used in this chapter:
(1) “Agent” means a person who is authorized to act on behalf of an owner with respect to a digital asset.
Terms Used In Utah Code 13-62-101
- Agent: means a person who is authorized to act on behalf of an owner with respect to a digital asset. See Utah Code 13-62-101
- Contract: A legal written agreement that becomes binding when signed.
- Control: means :(2)(a) an owner or an agent has the exclusive legal authority to conduct a transaction relating to the digital asset, including by means of a private key or the use of a multi-signature arrangement the owner or agent authorizes; or(2)(b) a secured party has created a smart contract that gives the secured party exclusive legal authority to conduct a transaction relating to a digital security. See Utah Code 13-62-101
- Digital asset: includes :
(3)(b)(i) a digital user asset; or(3)(b)(ii) a digital security. See Utah Code 13-62-101- Digital security: means a digital asset that constitutes a security, as that term is defined in Section
70A-8-101 . See Utah Code 13-62-101- Digital user asset: includes an open blockchain token. See Utah Code 13-62-101
- Multi-signature arrangement: means a system of access control relating to a digital asset for the purposes of preventing unauthorized transactions relating to the digital asset, in which two or more private keys are required to conduct a transaction. See Utah Code 13-62-101
- 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- Private key: means a unique element of cryptographic data that is:
(7)(a) held by a person;(7)(b) paired with a public key; and(7)(c) used to digitally sign a transaction. See Utah Code 13-62-101- Public key: means a unique element of cryptographic data that:
(8)(a) is publicly available;(8)(b) is paired with a private key that is held by the owner of the public key; and(8)(c) allows viewing, but not digitally signing, electronic transactions. See Utah Code 13-62-101(2) “Control” means:(2)(a) an owner or an agent has the exclusive legal authority to conduct a transaction relating to the digital asset, including by means of a private key or the use of a multi-signature arrangement the owner or agent authorizes; or(2)(b) a secured party has created a smart contract that gives the secured party exclusive legal authority to conduct a transaction relating to a digital security.(3)(3)(a) “Digital asset” means a representation of economic, proprietary, or access rights that is stored in a computer readable format.(3)(b) “Digital asset” includes:(3)(b)(i) a digital user asset; or(3)(b)(ii) a digital security.(4) “Digital security” means a digital asset that constitutes a security, as that term is defined in Section70A-8-101 .(5)(5)(a) “Digital user asset” means a digital asset that is used or bought primarily for consumptive, personal, or household purposes.(5)(b) “Digital user asset” includes an open blockchain token.(5)(c) “Digital user asset” does not include a digital security.(6) “Multi-signature arrangement” means a system of access control relating to a digital asset for the purposes of preventing unauthorized transactions relating to the digital asset, in which two or more private keys are required to conduct a transaction.(7) “Private key” means a unique element of cryptographic data that is:(7)(a) held by a person;(7)(b) paired with a public key; and(7)(c) used to digitally sign a transaction.(8) “Public key” means a unique element of cryptographic data that:(8)(a) is publicly available;(8)(b) is paired with a private key that is held by the owner of the public key; and(8)(c) allows viewing, but not digitally signing, electronic transactions.(9) “Smart contract” means a transaction that is comprised of code, script, or programming language that executes the terms of an agreement, and which may include taking custody of and transferring a digital asset, or issuing executable instructions for these actions, based on the occurrence or nonoccurrence of specified conditions. - Digital asset: includes :