Utah Code 48-5-307. No implicit fiduciary status
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A developer, member, participant, or legal representative of a decentralized autonomous organization may not be imputed to have fiduciary duties towards each other or third parties solely on account of their role, unless the developer, member, participant, or legal representative:
(1) explicitly holds themselves out as a fiduciary; or
Terms Used In Utah Code 48-5-307
- 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
- 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
- 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- Fiduciary: A trustee, executor, or administrator.
- 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
- Member: means a person who has governance rights in a decentralized autonomous organization. See Utah Code 48-5-101
- 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(2) stipulates to assume a fiduciary status as provided in the decentralized autonomous organization‘s by-laws. - Developer: includes a person that provides: