Utah Code 48-5-104. Legal personality
Current as of: 2024 | Check for updates
|
Other versions
A decentralized autonomous organization that meets the requirements of this act:
(1) shall be deemed a legal entity separate and distinct from the decentralized autonomous organization‘s members;
Terms Used In Utah Code 48-5-104
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) has the capacity to sue and be sued in the decentralized autonomous organization’s own name and the power to do all things necessary or convenient to carry on the decentralized autonomous organization’s activities and affairs;(3) shall meet the decentralized autonomous organization’s liabilities through the decentralized autonomous organization’s assets;(4) may have any lawful purpose; and(5) has perpetual duration.