Terms Used In Utah Code > Title 13 > Chapter 62 - Digital Asset Management Act

• Advisory board: means :
       (1)(a) for an agriculture protection area, the agriculture protection area advisory board created as provided in Section 17-41-201;
       (1)(b) for an industrial protection area, the industrial protection area advisory board created as provided in Section 17-41-201; and
       (1)(c) for a critical infrastructure materials protection area, the critical infrastructure materials protection area advisory board created as provided in Section 17-41-201. See Utah Code 17-41-101
• 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
• Agriculture production: includes the processing or retail marketing of any crops, livestock, and livestock products when more than 50% of the processed or merchandised products are produced by the farm operator. See Utah Code 17-41-101
• Agriculture protection area: means a geographic area created under the authority of this chapter that is granted the specific legal protections contained in this chapter. See Utah Code 17-41-101
• Amortization: Paying off a loan by regular installments.
• Applicable legislative body: means :
       (4)(a) with respect to a proposed agriculture protection area, industrial protection area, or critical infrastructure materials protection area:

            (4)(a)(i) the legislative body of the county in which the land proposed to be included in the relevant protection area is located, if the land is within the unincorporated part of the county; or

            (4)(a)(ii) the legislative body of the city or town in which the land proposed to be included in the relevant protection area is located; and
       (4)(b) with respect to an existing agriculture protection area, industrial protection area, or critical infrastructure materials protection area:

            (4)(b)(i) the legislative body of the county in which the relevant protection area is located, if the relevant protection area is within the unincorporated part of the county; or

            (4)(b)(ii) the legislative body of the city or town in which the relevant protection area is located. See Utah Code 17-41-101
• Assessment area: means an area, or, if more than one area is designated, the aggregate of all areas within a local entity's jurisdictional boundaries that is designated by a local entity under Part 2, Designating an Assessment Area, for the purpose of financing the costs of improvements, operation and maintenance, or economic promotion activities that benefit property within the area. See Utah Code 11-42-102
• Assessment fund: means a special fund that a local entity establishes under Section 11-42-412. See Utah Code 11-42-102
• Assessment resolution: means a resolution adopted by a local entity under Section 11-42-404 that levies an assessment on benefitted property within an assessment area. See Utah Code 11-42-102
• Board: means the Board of Oil, Gas, and Mining created in Section 40-6-4. See Utah Code 17-41-101
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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
• County legislative body: means :
       (8)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
       (8)(b) the county council, in the county executive-council optional form of government authorized by Section 17-52a-203; and
       (8)(c) the county council, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
• Critical infrastructure materials: means sand, gravel, or rock aggregate. See Utah Code 17-41-101
• Critical infrastructure materials operations: means the extraction, excavation, processing, or reprocessing of critical infrastructure materials. See Utah Code 17-41-101
• Critical infrastructure materials operator: means a natural person, corporation, association, partnership, receiver, trustee, executor, administrator, guardian, fiduciary, agent, or other organization or representative, either public or private, including a successor, assign, affiliate, subsidiary, and related parent company, that:
       (8)(a) owns, controls, or manages a critical infrastructure materials operation; and
       (8)(b) has produced commercial quantities of critical infrastructure materials from the critical infrastructure materials operations. See Utah Code 17-41-101
• Critical infrastructure materials protection area: means a geographic area created under the authority of this chapter on or after May 14, 2019, that is granted the specific legal protections contained in this chapter. See Utah Code 17-41-101
• 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
• Division: means the Division of Oil, Gas, and Mining created in Section 40-6-15. See Utah Code 17-41-101
• Economic promotion activities: means activities that promote economic growth in a commercial area of a local entity, including:
       (19)(a) sponsoring festivals and markets;
       (19)(b) promoting business investment or activities;
       (19)(c) helping to coordinate public and private actions; and
       (19)(d) developing and issuing publications designed to improve the economic well-being of the commercial area. See Utah Code 11-42-102
• Executive: when used to describe the powers, duties, or functions of a person or body elected as the county executive or a person appointed as the county manager or administrative officer, refers to:
       (2)(a) the power and duty to carry laws and ordinances into effect and secure their due observance; and
       (2)(b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the executive branch of government. See Utah Code 17-50-101
• Governing body: means :
       (22)(a) for a county, city, or town, the legislative body of the county, city, or town;
       (22)(b) for a special district, the board of trustees of the special district;
       (22)(c) for a special service district:

            (22)(c)(i) the legislative body of the county, city, or town that established the special service district, if no administrative control board has been appointed under Section 17D-1-301; or

            (22)(c)(ii) the administrative control board of the special service district, if an administrative control board has been appointed under Section 17D-1-301;
       (22)(d) for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102;
       (22)(e) for the Utah Inland Port Authority, created in Section 11-58-201, the board, as defined in Section 11-58-102; and
       (22)(f) for a public infrastructure district, the board of the public infrastructure district as defined in Section 17D-4-102. See Utah Code 11-42-102
• Highway: includes :
       (15)(a) a public bridge;
       (15)(b) a county way;
       (15)(c) a county road;
       (15)(d) a common road; and
       (15)(e) a state road. See Utah Code 68-3-12.5
• Industrial protection area: means a geographic area created under the authority of this chapter that is granted the specific legal protections contained in this chapter. See Utah Code 17-41-101
• 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.
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to:
       (3)(a) the power and duty to enact ordinances, levy taxes, and establish budgets; and
       (3)(b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101
• Local entity: means :
       (31)(a) a county, city, town, special service district, or special district;
       (31)(b) an interlocal entity as defined in Section 11-13-103;
       (31)(c) the military installation development authority, created in Section 63H-1-201;
       (31)(d) a public infrastructure district under Title 17D, Chapter 4, Public Infrastructure District Act, including a public infrastructure district created by a development authority;
       (31)(e) the Utah Inland Port Authority, created in Section 11-58-201; or
       (31)(f) any other political subdivision of the state. See Utah Code 11-42-102
• Mine operator: means a natural person, corporation, association, partnership, receiver, trustee, executor, administrator, guardian, fiduciary, agent, or other organization or representative, either public or private, including a successor, assign, affiliate, subsidiary, and related parent company, that, as of January 1, 2019:
       (13)(a) owns, controls, or manages a mining use under a large mine permit issued by the division or the board; and
       (13)(b) has produced commercial quantities of a mineral deposit from the mining use. See Utah Code 17-41-101
• Mining protection area: means land where a vested mining use occurs, including each surface or subsurface land or mineral estate that a mine operator with a vested mining use owns or controls. See Utah Code 17-41-101
• 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
• Municipal: means of or relating to a city or town. See Utah Code 17-41-101
• Municipality: means a city or town. See Utah Code 17-41-101
• 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
• Planning commission: means :
       (21)(a) a countywide planning commission if the land proposed to be included in the agriculture protection area, industrial protection area, or critical infrastructure materials protection area is within the unincorporated part of the county and not within a planning advisory area;
       (21)(b) a planning advisory area planning commission if the land proposed to be included in the agriculture protection area, industrial protection area, or critical infrastructure materials protection area is within a planning advisory area; or
       (21)(c) a planning commission of a city or town if the land proposed to be included in the agriculture protection area, industrial protection area, or critical infrastructure materials protection area is within a city or town. See Utah Code 17-41-101
• Political subdivision: means a county, city, town, school district, special district, or special service district. See Utah Code 17-41-101
• 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
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• 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
• 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
• State agency: means each department, commission, board, council, agency, institution, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state. See Utah Code 17-41-101
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Unincorporated: means not within a city or town. See Utah Code 17-41-101
• Vested mining use: means a mining use:
       (26)(a) by a mine operator; and
       (26)(b) that existed or was conducted or otherwise engaged in before a political subdivision prohibits, restricts, or otherwise limits a mining use. See Utah Code 17-41-101
• Writing: includes :
       (48)(a) printing;
       (48)(b) handwriting; and
       (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5